The goal of most businesses in Texas is to sell their products or services for profit. There are many different aspects of the business and the various aspects of the business need to be running smoothly to ensure that the company is earning money. However, one of the most important aspects of the business is the actual product or service they are providing. Many times these businesses are competing against other businesses who make similar products or provide similar services as well.
This means that the companies need to differentiate themselves from their competitors so customers choose their business for their needs. In order to do this, they must create various differences in their product or service and then keep those secret and away from their competitors. These differences are referred to as trade secrets, but not every difference or way of doing things is considered a trade secret.
Elements of a trade secret
In order to be considered a trade secret, it must meet certain criteria. First the information must have independent value because it is not widely known. Second is it must have value to be others who do not currently have the information. Third the company has made reasonable efforts to keep the information secret from others.
The information must meet all three of these elements in order to be a trade secret. If the information does meet these elements, the company can protect the information legally and prevent it from being stolen or punish those who may steal it.
Many businesses have information about their business that they do not want their competitors to have as they believe it is what differentiates them. Some of this information is considered a trade secret and can be legally protected as well. The company can initiate lawsuits against those who may leak the trade secrets and have courts order them to stop. They can also seek damages from those who leaked or benefited from the theft of the trade secrets. These can be complicated matter and experienced attorneys may be able to guide one through the process.