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Understanding trade secrets and intellectual property law

On Behalf of | Jul 18, 2023 | Intellectual Property Law |

Florida businesses that have created an idea for a product or service should want to protect it from others taking them without permission. Most will understand the concept of trade secrets and intellectual property law, but it can be somewhat confusing when going into details. Knowing how a violation might happen and what to do to prevent it is imperative. If it has already happened, it becomes even more vital to seek help.

Know the definition of a trade secret

In general, anything that is created can be a trade secret. According to state law, it is anything related to a formula, pattern, device, or information that a business uses to its own advantage or to try and gain an advantage over others who are unaware of it or do not utilize it. It will include all the information that encompasses it. Also, its design, procedure, suppliers, customers and more are covered under the law.

To be a trade secret, the following must be in place: it must be a secret; it must have value; it must be used by or for the business; and it must give the business an advantage or the chance for an advantage. The owner must take steps to prevent it from being known to others who the owner does not want to know about it. Anyone who takes this information without permission or shares it with others will be violating intellectual property laws.

Competition in business is intense and intellectual property should be protected

While it might seem as if new businesses are most vulnerable to intellectual property violations, it can happen to anyone. These illegal acts can severely compromise or outright ruin a business.

People work hard on their creations and to have it stolen can be ruinous financially, personally and emotionally. Knowing how to register intellectual property is essential. If there is found to be a violation, it is also wise to know how to pursue legal action to hold those who have stolen it accountable. Having comprehensive assistance is a vital first step.