Imagine if the recipe for COKE was suddenly disclosed for all to know—a multi-billion dollar business would lose its fizz. The formula for COKE is said to be the most heavily guarded trade secret of all time. So, your company is not yet Coca-Cola, but it could be! Coca-Cola just has a 125-year head start, and darned good policies in place to protect what’s in that can of COKE.
What are the secrets to your company mojo? Would you want your competitors to know about your customer lists, your sales data, and your secret formulas?
Nearly every business has confidential information. Taking proper steps to safeguard confidential information is a business basic which can be easily overlooked by a startup.
How are you protecting your business mojo, your company trade secrets?
Treat Confidential Business Information
as Trade Secrets
When company secrets are disclosed without consent, and the need to sue arises, the biggest obstacle is often the client’s own inadequate policies. The failure to properly safeguard confidential information can be aired as dirty laundry to defeat the claim. In short, if it’s such a secret, you better be able to prove you guarded it as such!
Protecting company secrets goes well beyond signing proverbial non-disclosure agreements with third parties. A clearly defined company policy with regard to employees is equally important. It should include putting a provision in all employment contracts and limiting access to those who need-to-know. You can even place others on notice by simply stamping or marking documents as “Confidential.”
Protect your company mojo. Learn the best practices to safeguard business trade secrets at Shhh, Can You Keep a Secret?
Updated 11/17/2021
