Top must-dos to effectively protect trade secrets

Whether it’s an heirloom recipe or a proprietary technique in creating a spare part or product, a trade secret is a precious asset of any business. It’s a must to protect this secret and keep it out of the hands of competitors or those intended to abuse or misappropriate it for their own advantage. Here are some methods to properly protect trade secrets in today’s world.

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What needs protection?
Identify every piece of information that you wish to protect, and then create a system that identifies newly created material that requires confidentiality. Label every document that contains protected information and limit copies and circulation. When necessary, number copies and require that documents be checked in and out.

Non-disclosure agreements (NDAs)
Confidentiality and non-disclosure agreements with employees as well as business partners are a strong first line of defense. Develop procedures to make sure corporate policies that govern confidentiality are properly followed, and that compliance, as well as protections, are all documented.

Controlling all forms of access

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Have physical and electronic access in place to protect your intellectual property and keep trade secrets a secret. Incorporate information protection into your physical and IT security system. Require passwords for access to computers and devices that contain sensitive data.

Finding a seasoned IP attorney
Find one who can help you protect your trade secrets or one who can help make the court of law sympathetic to your case in case your trade secret is misappropriated. If you believe anything you own or developed has been compromised, contact an IP attorney for the right guidance today.

Michael E. Melton is the founder and president of MEM Concessions LLC, which owns and manages a portfolio of Taco Bell and Five Guys Burgers and Fries restaurants. Mr. Melton has also been an attorney and consultant at IP Counsel Consultants since 2002, where he provides advice to clients on the licensing, acquisition, and management of intellectual property assets and expert witness testimony. For more reads like this, visit this page.