A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information used by a business to obtain an advantage over competitors within the same industry or profession. Although the precise definition of a trade secret varies by jurisdiction, three factors are commonly required for information to be entitled to trade secret protection:
- The information is not generally known to the relevant portion of the public.
- The information confers an economic benefit on its holder.
- The information is the subject of reasonable efforts to maintain its secrecy.