Traverse Legal’s Trade Secret Attorneys understand that trade secrets give businesses a competitive edge and are experienced in protecting them.
Whether your trade secrets are based in software, technology, manufacturing, product design or otherwise, it is important to secure trade secret protection of your business solutions.
Not to be confused with trademark protection or patent law, a trade secret is, essentially, knowledge. Wikipedia defines a trade secret as “a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.” Under trade secret law, this can span a wide range of practical business assets including, but certainly not limited to, customer lists, customer needs and wants, marketing data and development processes that are specific to said company. Anything that derives independent economic value from the fact that it is proprietary knowledge can be considered a trade secret.
There are several ways in which you can secure trade secret protection, such as the enforcement of employee non-compete agreements or confidentiality agreements. Trade secret laws are a state court matter, therefore the laws governing a Michigan trade secret may differ from a California trade secret or Texas trade secret; however, most states have adopted some form of the Uniform Trade Secret Act.