PROTECTING YOUR TRADE SECRET
- Posted by Admin1
- On June 26, 2020
Every business created for the purpose of making profit has a secret.
The special formula used in making your product, the idea behind your branding, the process used to arrive at your marketing campaign, the solution pattern unique to only your business is your trade secret?
Why is it important to protect your trade secret?
It is important you protect your trade secret because your trade secret is your competitive advantage, it your unique selling point, if your trade secret is known then your business is ruined. So using the adequate legal mechanism to protect your trade secret is a must if you want to remain in business.
How then do I protect my trade secret?
There are several ways to protect your trade secret but you have to
- First identify what information, processes and formulas constitute your trade secret. Will help you in deciding the next step.
- Keep it a secret; it is no longer a secret if everybody knows it. You may want to keep a part of it totally away from a second ear.
- But building a business involves people,
how do you protect this secret when you have a large staff
- Decide the category of staff that has access to certain part of your trade secret and have them sign a confidentiality or non-disclosure agreement. This will help keep things in check and hold them highly accountable. Note that a non-disclosure agreement is not a call to sleep; you have the responsibility to take extra steps into safeguarding what is important to your business.
How to protect your trade secret while pitching for investors
The need to attract and keep investors in your business is an important one for great mind seeking collaborations and partnerships.
Protecting your trade secret while pitching for investors is very important .why?
Not all potential investors may buy into your idea, some may reject you but take your idea and improve on it this why you should
- Limit the revealing of sensitive information while pitching
- Document every process and communication between you and these potential investors
- Always have them sign a non-disclosure/confidentiality agreement.
-Kindness Nduba Esq.
Kindness is the founder @bizreglegal.com and the managing consultant Bizreg Legal and Consulting Services