S13 W8 E29-32 TRADE SECRETS UNVEILED: STRATEGIES FOR PROTECTION, MANAGEMENT, AND LEGAL REMEDIES on The Inspired Patent Podcast with Wayne Carroll [Intellectual Property Strategy for Startups & Small Business]

S13 W8 E29-32 Leveraging INSPIRATION: The Inspired Patent PodcastTM 

Wayne Carroll - “ Leveraging INSPIRATION: The Inspired Patent PodcastTM   - Intellectual Property Strategy for Startups & Small Business” 

IBGR.Network...Grow Your Business With The Power of Radio

​Week 8 of 13: Trade Secrets Unveiled: Strategies for Protection, Management, and Legal Remedies

1. E29: Patent or trade secret? Both!
2. E30: The first step in protecting trade secrets.
3. E31: Dos and Don’ts for NDAs and employee agreements
4. E32: Avoid a lawsuit when hiring - Best practices when hiring employees with experience.

S13 E29 Patent or trade secret? Both! Our goal in this episode is to show you the value of implementing a trade secret program in your business, especially when you have patented technology. 

To understand trade secrets, we have a special guest Scott Gibson, an attorney with expertise in the area of trade secrets. 

Trade Secrets

What is the definition of a trade secret?
​
- A trade secret is information that is not commonly known in the industry, has economic value, and is subject to efforts to keep it secret.

What kind of information can be considered a trade secret?

- Any kind of information that is not commonly known within the industry, has economic value and is subject to efforts to keep it confidential could be considered a trade secret.

What is the importance of developing a trade secret program?

- A good trade secret program will help the court recognize your trade secrets as real and valuable assets in the event of legal proceedings.
What are examples of Trade secrets? 

 -Coca-Cola’s recipe and “KFC's 11 herbs and spices” 
Unique Business Differentiation

- To stand out from competitors, a company needs to be truly different in a meaningful way. The same thing applies to trade secrets, the trade secret needs to be something that differentiates the company from its competitors.

Contact Scott Gibson to discuss your business trade secret needs. 
 
In our next episode, we are discussing The first step in protecting trade secrets.

​

Guest BIO: Scott Gibson
Scott F. Gibson is a highly experienced attorney with over 35 years of expertise in protecting businesses from unfair competition and disloyal employees. With a unique blend of courtroom experience and deep knowledge of unfair competition laws, he helps clients effectively safeguard their intangible business interests. Scott's exceptional ability to identify critical issues allows him to focus on resolving litigation and achieving favorable outcomes through negotiation or motion practice. He holds two advanced legal degrees in Biotechnology and Genomics, as well as Litigation Management, and is recognized for his teaching and speaking engagements on trade secrets, restrictive covenants, and employment law.
Use this link for more information and to contact Scott Gibson. 


BIO:
Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.  

Wayne can be reached at 480-741-2440 or Wayne@inspiredideasolutions.com. You can also connect with Wayne on LinkedIn.  

Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.


TAGS: reverse engineering, microchip, semiconductor industry, patent infringement, recreation, circuitry, "Leveraging Inspiration, The Inspired Patent Podcast", iBGR Network, Fridays, Eastern Time, podcast platforms, Inspired Idea Solutions Law Firm, IP boutique law firm, client strategy, proven process, hidden fees, zthreeip.com, confidentiality, manufacturer, copycats, trade secret, economic value, efforts to keep it secret, protection, management, legal remedies, Scott Gibson, textbook, resources, hard to duplicate, unlikely to be discovered, Coca Cola, KFC, NDA, CAD files, intangible assets, form, substance, program, truly different, novelty, first person, industry.

S13 E30  The first step in protecting trade secrets (Defining your intangible assets).

We are discussing trade secrets with Scott Gibson. In this episode, we are discussing the beginning steps in protecting your trade secrets.

Scott, one of the ways you help companies protect trade secrets is through litigation. In your litigation cases and consultations, do you see more theft of trade secrets from hacking or from employees? 

• Hands down theft is from the employees.

 
Should businesses seek expert help in protecting valuable trade secrets?

- Yes, working with an expert is advised for valuable trade secrets.

When a company has identified that they have the information they want to keep secret, what is the first step they need to accomplish? 

[Define the intangible asset - what is it, why is it valuable, how is it used, how is it protected . . .]

Ways to make your intangible asset appear tangible. 
Branding Trade Secrets

What is branding for a trade secret and how does it help enforce the secret?

Naming a trade secret with a brand makes it better defined, and clarifies that the trade secret is an asset of the company.



Don’t miss the next episode about Dos and Don’ts for NDAs and employee agreements
Subscribe wherever you get your podcasts. 



Guest BIO: Scott Gibson
Scott F. Gibson is a highly experienced attorney with over 35 years of expertise in protecting businesses from unfair competition and disloyal employees. With a unique blend of courtroom experience and deep knowledge of unfair competition laws, he helps clients effectively safeguard their intangible business interests. Scott's exceptional ability to identify critical issues allows him to focus on resolving litigation and achieving favorable outcomes through negotiation or motion practice. He holds two advanced legal degrees in Biotechnology and Genomics, as well as Litigation Management, and is recognized for his teaching and speaking engagements on trade secrets, restrictive covenants, and employment law.
Use this link for more information and to contact Scott Gibson. 
 
BIO: 

Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.  

In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or Wayne@inspiredideasolutions.com. You can also connect with Wayne on LinkedIn.  

Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.


TAGS: intellectual property, trade secrets, implementation, hacking, security breaches, employees, intangible assets, branding, KFC, Farmers, checklist, competitors, patents, unique, satellites, data, contracts, customer database, tangible, marketing, nondisclosure agreements, employee agreements, patents, initial consultations, inventing, business owners, agreements



S13 E31 Dos and Don’ts for NDAs and employee agreements
Our special guest is attorney Scott Gibson, an expert in trade secret law. 

Can an employee exploit trade secrets they have access to in order to do their job?

No, even without a contract or anything in writing, employees have a duty of loyalty to their employer and are not allowed to exploit trade secrets they have access to in order to do their job.

What protections do employers have against the use of trade secrets?
Employers still have some protections against the use of trade secrets even without a written agreement.

When is it advisable to get a written agreement for trade secrets?

It is advisable to get a written agreement early on and review/update it periodically to maintain protections for confidential information.

Why is it important to establish that a trade secret is a real thing before going to court?

The judge needs to understand that your trade secret has value and what that value is to your business.

How can legal agreements for trade secrets be tailored to protect the most valuable asset of the business?

A good lawyer should identify the business's "secret sauce" and draft an agreement tailored to protect it. The specificity of the agreement works in favor of protecting the most valuable asset of the business.

Should job candidates sign restrictive covenants before offering them a position?

Yes.

What is the status of non-compete agreements in the law?

Non-compete agreements are generally disfavored in the law, so it's important to be specific, narrow, and focused in what restrictions are being placed. The FTC is currently preparing draft rules with final rules expected to be issued this summer.


Our next episode covers Avoiding a lawsuit when hiring - Best practices when hiring employees with experience.



Guest BIO: Scott Gibson
Scott F. Gibson is a highly experienced attorney with over 35 years of expertise in protecting businesses from unfair competition and disloyal employees. With a unique blend of courtroom experience and deep knowledge of unfair competition laws, he helps clients effectively safeguard their intangible business interests. Scott's exceptional ability to identify critical issues allows him to focus on resolving litigation and achieving favorable outcomes through negotiation or motion practice. He holds two advanced legal degrees in Biotechnology and Genomics, as well as Litigation Management, and is recognized for his teaching and speaking engagements on trade secrets, restrictive covenants, and employment law.
Use this link for more information and to contact Scott Gibson. 


BIO: Wayne Carroll is a highly experienced intellectual property lawyer with over 15 years of experience. He holds a Juris Doctor degree with a concentration in Intellectual Property Law from Suffolk University Law School, as well as an undergraduate degree in Electronic Engineering Technology from DeVry University. Wayne is the CEO and Attorney at Inspired Idea Solutions, LLC, a firm he founded in 2013, where he specializes in patent strategy, patent prosecution, trademark strategy and registration, and copyright litigation.

Wayne can be reached at 480-741-2440 or Wayne@inspiredideasolutions.com. You can also connect with Wayne on LinkedIn.  

Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.

TAGS: secrecy, trade secrets, employment, written agreement, intellectual property, podcast, education, information, disclaimer, returning guest, court, judge, value, confidentiality, legal action, nondisclosure agreements, engineer, legal agreements, lawyers, secret sauce, specificity, off the shelf, NDAs, protection measures, job candidates, Defend Trade Secrets Act, criminal liability, sequestration order, success, nationwide effort, President Biden, FTC, regulations, non-compete agreements, disfavored.




S13 E32 Avoid a lawsuit when hiring - Best practices when hiring employees with experience.

An SBA report on Small Business litigation from 2005 showed that 

• Litigation costs for small businesses (firms) are between $3000 to $150,000 per lawsuit
• The survival rate of new employers falls from 69% of all new firms in the first 2 years to 33% survival rate if they are involved in a lawsuit.
• Small firms hire 43 percent of high-tech workers (scientists, engineers, computer programmers, and others)

We are joined by Attorney Scott Gibson, a trade secret expert. Scott, is there a risk of being sued when hiring someone from a competing business?

Do you need a written trade secrets agreement to protect your trade secrets?

- Having a written agreement is not necessary for protecting trade secrets, but it indicates taking reasonable steps to maintain secrecy.

Trade secrets are protected regardless of a written agreement, but reasonable efforts to maintain secrecy are required as per the definition of a trade secret.

“Conducting a Trade Secret Audit” article by Scott Gibson


Next week we will cover Internal Company IP Processes: Culture, Life Cycles, and Your IP Team
​

1. The lifecycle of an invention - from secret to patent to a brand
2. When in the life cycle of patenting to start selling your new product
3. Creating a culture of IP protection
4. Create your IP team  - Who you need on your team and what they need to do.

Guest BIO: Scott Gibson
Scott F. Gibson is a highly experienced attorney with over 35 years of expertise in protecting businesses from unfair competition and disloyal employees. With a unique blend of courtroom experience and deep knowledge of unfair competition laws, he helps clients effectively safeguard their intangible business interests. Scott's exceptional ability to identify critical issues allows him to focus on resolving litigation and achieving favorable outcomes through negotiation or motion practice. He holds two advanced legal degrees in Biotechnology and Genomics, as well as Litigation Management, and is recognized for his teaching and speaking engagements on trade secrets, restrictive covenants, and employment law.
Use this link for more information and to contact Scott Gibson. 

BIO: Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.  

In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or Wayne@inspiredideasolutions.com. You can also connect with Wayne on LinkedIn.  

Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.


TAGS: SBA report, litigation costs, contract litigation, survival rate, new employer, small firms, high tech workers, risk of getting sued, risk evaluation, trade secrets, written agreement, confidentiality, contractor, salesmen, competitor, settlement, security policy, intellectual property, Leveraging Inspiration, Wayne Carroll, Scott Gibson, legal disclaimer, ex-employee, intel plant, sensitive information, large corporations, small businesses, iBGR network, Inspired Idea Solutions Law Firm, strategy, Microsoft, garage, security measures, potential employee, misappropriation, liability, theft of trade secrets, protection.