How many times have you told an inventor “Let’s not patent your idea, but we’ll keep it a trade secret”? This is immediately followed by dropping the idea into a deep dark hole, never to be seen again…This is not how you treat valuable company assets! Team Tangibly has been active attending conferences worldwide, evangelizing about the growing importance of trade secrets and how they must be handled with the love and respect that they deserve. Here’s some of what we’ve learned….
The cost of trade secret theft by employees, partners, and competitors is now measured in trillions of dollars. In 2022, 50% of all reported business theft was data and trade secret information.
The value of Trade Secrets is often overlooked, vastly underestimated, and misunderstood. According to a 2021 report published by The Economist Intelligence Unit, the cost of trade secrets theft has reached $1.7 trillion annually and this risk is expected to escalate in the coming years.
In every case involving trade secrets, the court will expect you to be able to demonstrate that you took “reasonable measures” to protect that information.
That’s why we built Tangibly. It’s Trade Secret Compliance made easy. Tangibly provides a simple, complete, web-based, encrypted, legally-enforceable Trade Secret solution.
Trade Secrets exist within all parts of an organization and frequently flow in and out of the organization with little tracking or oversight, exposing organizations to leading to theft, loss of competitive advantage, and contamination.
What Is Trade Secret Management?
Tangibly, actively guides users through the process of managing your trade secrets and confidential information. Tangibly’s proactive design provides a complete record of access and helps protect your valuable trade secrets from theft and misappropriation.
Why Trade Secret Management is Important
Trade secrets are often key to a company’s competitive edge. Whether it’s a manufacturing efficiency, a secret formulation or an algorithm, once it becomes known to the world, your business will be impacted.
Nobody wants their trade secrets to be stolen. Unfortunately, it happens frequently. If it happens to you, you will want to go after the culprit with everything you’ve got. If you haven’t actively managed your trade secrets, it will prove difficult or impossible for you to win an injunction or damages.
Tangibly is simple to setup and manages your Trade Secrets with this in mind. So, if your day in court ever does come, you will be well-equipped to prove your case.
Why do I need a Trade Secret Management Solution?
Every business has trade secrets. However, not every company is aware of all them. Tangibly helps you identify and catalog your trade secrets, and more easily demonstrate theft if and when that happens.
Tangibly also helps to organize your trade secret portfolio as a means to justify a higher valuation for your business when seeking damages, or during mergers, acquisitions, investments, or partnership negotiations.
The time to think about protecting your trade secrets is before someone steals them. Thankfully, Tangibly does most of the thinking for you once you’re on board.
Explore topics, issues, and news regarding Trade Secrets from our blog:
Webinar: Identifying and Protecting Unrealized Confidential Assets
Tangibly was proud sponsor of the recent webinar hosted by IPWatchdog, focused on Trade Secrets; Identifying and Protecting Unrealized Confidential Assets. The webinar turned out to be a wide-ranged conversation about trade secrets and what companies can and should be doing to protect valuable confidential information. The discussion was joined by James Pooley, an IP litigator and one of the foremost experts on trade secret law, Raymond Miller, Partner and US Chair of Life Sciences Patent Development & Strategy, at DLA Piper LLP, and Tim Londergan, CEO and Founder of Tangibly.
Tangibly Closes $7M Seed Round and Adds Key Executives
SEATTLE, Nov. 15, 2023 /PRNewswire/ — Tangibly, a SaaS trade secret discovery and management platform backed by Madrona and other…