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Improving the economy by protecting trade secrets

Trade secrets are some of the most valuable types of property owned by a company or business in New Mexico. It is especially important to take the proper steps to protect trade secrets because, unlike copyrights and patents, this information is private. In every industry and every type of business, this information can be the key to economic success.

An example of the economic value of trade secrets is Coca-Cola's secret formula for their world-famous drink. This information has been a closely held secret, and no other company has been able to replicate the flavor. Because of their unique product, they are one of the most successful companies on the globe.

What is the connection between properly protecting trade secrets and improving the economy? Lawmakers estimate that the loss of trade secrets and other valuable intellectual property has a huge negative financial impact on the economy each year. Prototypes, formulas, new products, financial information and more could all be eligible for legal intellectual property protection. Business owners should carefully evaluate what steps should be taken to protect these types of secret information and follow through with the process, no matter how tedious. Each business could benefit from an evaluation to determine the specific steps that should be taken.

The increase in digital technology has made it harder than ever to protect trade secrets. From non-disclosure agreements for employees to patents on new products, there are many options through which companies can protect their property. The improvement of the U.S. economy and the long-term success of New Mexico businesses may depend on protecting trade secrets.

Source: Business Insider, "Why Protecting Our Trade Secrets Is Essential To Saving the Economy", Members of the House Judiciary Committee, Aug. 18, 2014

Source: Business Insider, "Why Protecting Our Trade Secrets Is Essential To Saving the Economy", Members of the House Judiciary Committee, Aug. 18, 2014

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