Marcus, an entrepreneur, has developed an excellent business plan for a proposed
ID: 438076 • Letter: M
Question
Marcus, an entrepreneur, has developed an excellent business plan for a proposed business. He wants to show it to some venture capitalists with the hope that they will invest in the venture, but he is concerned about protecting his business plan from appropriation and wants to protect it as a legal trade secret. Can the business plan be protected as a trade secret?Answer
No, because it cannot be kept secret since Marcus obviously has to show it to people.
No, because it does not have actual worth, rather only potential worth since it is a proposed business.
No, because it contains only "soft" information, such as ideas, concepts, strategies, and plans, and not "hard" scientific information, such as formulas.
Yes if Marcus takes reasonable efforts to keep the plan secret such as putting a confidentiality notice and warning on the plan.
Explanation / Answer
Yes if Marcus takes reasonable efforts to keep the plan secret such as putting a confidentiality notice and warning on the plan.