Your products and practices are what set your business apart from your competitors. Your unique perspective helps your customers and clients choose you over other companies.
Protecting your company’s intellectual property is essential to safeguarding your business’s unique creations and competitive advantage. Intellectual property (IP) can refer to a variety of aspects of your business, including inventions, artistic and literary works, symbols, names, images and designs used in commerce.
Here’s what you should know about protecting your intellectual property to support your business.
What are trade secrets?
Trade secrets are confidential information that provides your company with a competitive advantage. Trade secrets can include formulas, patterns, designs, processes, techniques or other information that is not generally known or easily discoverable by others. Trade secrets are not registered with the government, like patents or trademarks. Instead, you can protect them through confidentiality agreements and other legal means.
Why protect trade secrets?
Protecting trade secrets is crucial for your company’s success. Protecting trade secrets can prevent employees from sharing confidential information with other companies, which is a common problem in several industries.
Non-disclosure agreements
Non-disclosure agreements (NDAs) are legal contracts prohibiting individuals or entities from sharing confidential information. Businesses commonly use NDAs to protect trade secrets and other confidential information.
The purpose of an NDA is to create a legal obligation to keep confidential information private. NDAs typically outline what information is considered confidential and the duration of the agreement. NDAs can be a standalone agreement or included in other agreements, such as employment agreements or contracts with vendors or contractors.
Protecting your company’s intellectual property is essential for maintaining a competitive advantage and safeguarding confidential information. Trade secrets can be valuable intellectual property, and non-disclosure agreements can help you protect them.