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The nuances of trade secrets

It is not uncommon for Florida businesses to have some type of special ideas or plans unique to their operations and critical to their success. From marketing plans to concepts for new products, such trade secrets should be treated with care to ensure they facilitate the results desired by companies.  

Preventing an intellectual property dispute is important but Forbes indicates that there may also be some merit in sharing what would otherwise be considered confidential business information. Project ECHO has done this as a way to promote social change. By making intellectual property available for free, adoption rates of new trends or ideas are likely to be better than those which must be paid for. In the case of Project ECHO, the focus is on utilizing videoconference technology to assist with healthcare delivery in rural areas. 

The noted American futuristic car manufacturer, Tesla, has adopted a similar approach. Instead of guarding key information and being constantly alert for any confidentiality agreement dispute, reports from the BBC indicate that the company is considering the sharing of its vehicle designs as a means to promote healthy competition, thereby stimulating the marketplace.

These two examples offer fresh insights into the world of contract enforcement, unfair competition and associated business litigation. The high-tech industry has actually functioned in this capacity for years with the acknowledgement that open-source platforms are a must to maximize sales and use among customers. Certainly the need to protect some information is real and every business should ascertain its situation and needs individually as there may be no single right or wrong approach to handling critical business information. 

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