Trade Secret: A trade secret is a type of intellectual property that consists of information, a formula, pattern, compilation, program, device, method, technique or process that derives independent economic value from not being generally known and is subject to reasonable efforts to maintain its secrecy.
Reasonable Efforts to Maintain Secrecy: The owner of a trade secret must demonstrate that they have taken reasonable steps to keep the information confidential, such as using non-disclosure agreements, limiting access, and implementing physical and digital security measures.
Competitive Advantage: Information qualifies as a trade secret if it provides the owner with a competitive advantage in the marketplace by virtue of not being publicly known.