S1 E4 From Secret to Success. Safeguarding Your Inspiration from Theft and Misuse with Wayne Carroll

KFC Secret Recipe. Kentucky Fried Chicken (KFC) found a way to protect their secret recipe so that no one person has the whole recipe. They have three different vendors for the recipe. One prepares one part of the recipe, a second prepares a second part of the recipe, and a third vendor mixes the first and second parts. Know how to protect a trade secret, because inspired ideas (your business's valuable intellectual property) start as a secret. Intellectual property starts as ideas and thoughts, and are secret until they are shared. An invention is secret until it is published or sold. A new brand is secret until it is launched. Customer list (with the expiration date of all of your contracts), supplier list with negotiated prices, secret recipe/process, marketing plan (details of where you find your dream clients and who they are), business plan, new look for a redesigned product, and how to train highly skilled employees are all valuable assets that can be kept secret as a competitive advantage for a business. Review who has access to your secrets, and consider if they have a contract that obligates them to keep it secret and not use it. Write down what is reasonable security for your business secrets, and review your security to see if it is enough. Take 5 minutes to write down who you have shared your secrets with. Include your mother and your spouse if you have told them. BIO: Wayne Carroll is a highly experienced intellectual property lawyer with over 15 years of experience. He holds a Juris Doctor degree with a concentration in Intellectual Property Law from Suffolk University Law School, as well as an undergraduate degree in Electronic Engineering Technology from DeVry University. Wayne is the CEO and Attorney at Inspired Idea Solutions, LLC, a firm he founded in 2013, where he specializes in patent strategy, patent prosecution, trademark strategy and registration, and copyright litigation. In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or at [email protected]. You can also connect with Wayne on LinkedIn. Schedule an appointment with Wayne Carroll for a strategy session on how to protect and leverage your intellectual property. TAGS: Secret recipe, trade secret, intellectual property, invention, brand launch, customer list, supplier list, marketing plan, business plan, skilled employees, security, Wayne Carroll, patent strategy, patent prosecution, trademark strategy, trademark registration