What is a trade secret?

A trade secret is any confidential information that gives a business a competitive advantage over its competitors. This information can include formulas, processes, techniques, or any other information that is not generally known to the public and is kept confidential by the business. Trade secrets are protected under intellectual property laws and can be valuable assets for a company.

A trade secret is any formula, pattern, device, or compilation of information that:

- Is not generally known or reasonably ascertainable by others;
- Gives the owner of the information a competitive advantage over competitors who do not know or use it; and
- Is subject to reasonable efforts to maintain its secrecy.