Did you know that no one outside of a few executives knows the secret formula for Coca Cola? This extreme secrecy is the company’s way to make sure it retains its competitive advantage over other cola makers.
If you think your company may have a competitive advantage that comes from its secret information, ask yourself the following questions:
- Do you have a special way of doing business that makes you different from your competitors?
- Did you put in effort above and beyond the norm in your industry to develop a great list of customers?
- Do you have a special formula or recipe that makes your product the best in the business?
If the answer to any of these questions is yes, you may be eligible for trade secret protection. Trade secrets are a type of intellectual property that protects information that is valuable to your business but can’t be covered under patent law, copyright law, or trademark law [link each to previous posts].
A key requirement for trade secret protection is that you’ve taken efforts to keep the information secret. This may mean instituting internal policies about who handles the information and when, including having your employees sign confidentiality agreements.
To learn if you have trade secret information and how to make sure it is protected, consult an intellectual property attorney to discuss your options. Maintaining your competitive advantage is key to your business’s success, and a knowledgeable attorney is your partner in success.