Do you own your intellectual property? That’s the first question an investor or potential buyer will want to know when looking to invest in or buy your start-up, according to Kathy Lindauer in a post on the WinTech blog. “One critical part of this is protecting your trade secrets,” she says, emphasizing that failing to do so, could trash any deal faster than popping open a champagne bottle in celebration. Luckily, Lindauer has some tips for protecting your company secrets:
- Minimize contact with proprietary information: Trade secrets should not be easily accessible to everybody in the company. Limit access to staff that really need to know and make sure they understand the importance of keeping it confidential, stresses Lindauer. “Create physical or visual barriers to prevent unauthorized viewing of proprietary processes,” she suggests.
- Confidentiality agreements: “Require all employees to sign a proprietary information agreement,” Lindauer suggests, and remind anyone who is leaving the company that he or she still must keep it quiet.
- Implement policies: Have procedures in place in case trade secrets are accidentally compromised and make sure employees are trained to respond in the event of a breach.
Attorney Marlisse Silver Sweeney is a freelance writer based in Vancouver. [email protected]. Twitter: @MarlisseSS. LTN: @lawtechnews.
