If you dive into the world of business, finding a “secret sauce” in your industry can mean the difference between success and barely getting by. Given that competitive advantage is often difficult to come by and may take time and effort, it is only sensible that you safeguard your innovation. But what if someone steals your trade secret?
Theft of trade secrets is not uncommon. It can be perpetrated by an employee or a business partner. If someone steals your trade secret, it is important that you take immediate action.
Ways your trade secrets can be stolen
Trade secrets can be stolen in a variety of ways. Here are some of these ways:
- When you get into a partnership with someone who later sells crucial information to your competition
- When an ex-employee steals a special recipe
- When an employee steals and sells your customer database
So what do you do if you suspect trade secret theft?
Here are some of the actions you might consider taking if you suspect that someone has stolen your trade secrets:
Seek an injunction – by seeking an injunction, you will be petitioning the court to order the party that accessed your trade secret to cease any further disclosure of the information in question.
Seek damages — if you have already suffered financial damages as a result of the theft of your trade secret, then you may seek to recover financial reimbursement for incurred losses.
While it is reasonable that you can protect your trade secrets from theft, it is possible that someone can access and steal them. Knowing your legal options can help you protect your business’ interests when dealing with trade secret theft.
NOTICE: This blog is intended solely for informational purposes and should not be construed as providing legal advice. Please feel free to contact us with any questions you may have regarding this blog post.