It’s taken you many years to develop your business idea and get your company off the ground. You’ve done this without all of the resources that major corporations have at their disposal.
However, because of your passion and expertise, you offer a product or service that cannot be topped. Your rivals will notice this, and they are likely to be envious.
The key to your success is doing things in a manner that cannot be easily replicated. Unique methods that contribute significantly to the profitability of a company are commonly known as trade secrets. What exactly are they and have you protected them?
A unique recipe
Perhaps your business is a high-quality food product that uses only the freshest of ingredients. What started out as a family recipe is now the key to your commercial success. Customers buy your product because nothing else matches it, only you know the family secret. This is something that is worth protecting, and with the appropriate legal knowledge and documents, you can ensure that your trade secrets remain in safe hands.
Technology is always evolving and it can be a competitive factor in the commercial world. Your company uses a specific tool and process to come up with products, and you are the person responsible for this innovation. If market competitors got their hands on your secret, they could run you out of business within a few short months. If your business relies on the use of innovative and unique technology to produce the goods, you want to make sure that rivals don’t poach this sensitive information from you.
Gaining a further understanding of your intellectual property rights could help you to stay one step ahead of the competition. If your trade secrets have been placed in jeopardy, make sure you check out your legal options.