As an emerging tech company, trade secrets and other confidential information can provide you with competitive advantages in the marketplace. However, as your business grows, the need to protect critical trade secrets is sometimes overlooked. Unfortunately, failure to take reasonable measures to safeguard this information may result in the inability to protect these valued assets when necessary.
Emerging tech companies can gain an advantage in protecting their trade secrets by taking a systematic approach to:
- understanding their trade secret portfolios;
- evaluating the strengths and weaknesses of existing policies and procedures being used to protect these valuable assets; and
- implementing corrective measures to protect trade secrets from misappropriation and misuse.
For companies without existing policies and procedures, conducting a comprehensive trade secret audit may be beneficial as well.