But first, you have to identify what your trade secrets are in order to figure how safe they are and how to protect them.
Entrepreneurs who incorporate a small business online do not pay much attention a lot of the time to this necessary process – especially overlooking intangible assets that, understandbly so, may seem to not have much value but in the end can be exploited by competitors and ex-employees to their advantage.
A trade secret is secret information that can be considered intellectual capital and thus, protected under the law. Basically, any method, formula, device, process or any other information that is generally unknown and kept secret and gives a business a competitive edge qualifies as a trade secret.
Unfortunately, many business owners do not realize the value of these trade secrets until it’s too late and its use to their disadvantage by a competitor
The point is clear – small business owners need to recognize the value of their intangible assets and take the steps to adequately protect trade secrets and prevent their unauthorized use as soon as possible.