In the world of business, finding the “secret sauce” that sets you apart can make all the difference in your entrepreneurship journey. And given how a competitive advantage is hard to come by, it behooves any serious entrepreneur to protect their trade secrets from unauthorized parties.
Any creation that gives your business an edge is known as a trade secret. This can be anything from a special formula, confidential plan, code or any other material that, once obtained by a third party, could hurt your business.
What can you do if someone steals your trade secret?
If your trade secret is stolen in Pennsylvania, you may take any of these steps depending on the severity of the theft and the resulting damages:
You can seek an injunction – by requesting an injunction, you will be asking the court to direct the other party to cease any further use or disclosure of the trade secret in question.
You may seek financial damages – if you feel you have already suffered verifiable financial loss following the theft of your trade secret, then you may seek financial restitution for the incurred losses. Subject to the nature of the loss, you may seek the following specific damages:
- Damages for lost profits
- Damages for unfair exploitation and enrichment from your trade secret
- Damages for malicious or willful misappropriation of your trade secret
- Legal costs following the lawsuit
In some cases, the party who’s stolen your trade secrets may face criminal charges. This is especially true when they use the stolen trade secret to commit a crime.
Any proprietary information that gives your business a competitive edge deserves to be protected. If someone is exploiting your trade secret without consent, it’s important to understand and explore your legal remedies.