Patent Attorney and Founder
Everybody, I’m J.D. Houvener, your host of the Bold Today Show, where you, the inventor or entrepreneur, get your daily inspiration to help you make the world a better place.
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Alright, we’re wrapping up our series here on trade secret law and all the different aspects of what it means to identify, protect, make sure you hold off, and make sure you don’t let that information go outside of your company without a solid plan to enforce your rights. In this last session today, I wanted to talk about the idea of putting a dollar sign, an actual numeral, a numerical value on your trade secret.
Not many people know about this, but there is this ability to value your trade secret information, and this is done in a couple of different avenues by a lot of CPAs and by insurance companies. We just talked last week if you’re listening about the different types of IP insurance models that are out there. So, one vehicle for that is when they put insurance and provide a coverage benefit to recuperate your costs, excuse me, the value of what might be lost as a trade secret. They need to put some sort of value on it.
When they take a look at your trade secret information and how that’s changing over time, that valuation is important. It’s going to be applied to a lot of things, looking forward to how your company is going to be licensing this technology, using that information to not just benefit your company, but how you might go to benefit from receiving a royalty on that someday. So, that’s part of what we were talking about yesterday when it comes to putting in systems and tools into your company to start not only identifying trade secrets but knowing which ones to move forward and start working on today.
So, those that are, of course, aligned with where your business is going, but even on top of that, you want to work with those trade secrets that are truly valuable from an economical standpoint. They’re going to help you and your company grow and be more profitable. If you want more information about this, if you’d like us to introduce you to some of those third parties, we can do that, and we’d be happy to do that for you. In this case, I’m your host JD Houvener, and it’s been a pleasure to talk with you here about trade secrets. I wish you all a wonderful weekend. I look forward to hearing from you in the comments below. Don’t forget to like, comment, or share some of this information with your colleagues on social media. And again, don’t forget to leave some comments. I’d love to answer any questions you have. Above all, I’m your host J.D. Houvener of the Bold Today Show. Go big, go bold.