Updated: April 24, 2024

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Introduction

As a business owner, safeguarding your trade secrets is pivotal for sustaining competitive advantages and safeguarding your intellectual property. This detailed framework is designed to guide you through the process of identifying, protecting, and managing trade secrets within your organization.

• ⭐ A note about the recent FTC ban on noncompetes

What is a Trade Secret?

Trade secrets are a form of intellectual property that encompass a wide range of confidential business information which can provide a competitive edge to its owners.

Trade secrets are defined under several laws at both the state and federal levels and generally contain three core elements in their definition:

1. The information is not generally known.
2. The information offers your business a unique economic advantage
3. It is a secret.

Laws that Define Trade Secrets

• Uniform Trade Secret Act (UTSA)
• Defend Trade Secrets Act (DTSA)
• State Law

Identifying Trade Secrets