Trade secret definition

A trade secret is any formula, process, device, pattern, method, information or other private knowledge, that a company uses to maintain a competitive advantage over others, while striving to protect that information from being known by outsiders. A trade secret may relate to financial, scientific, technical, economic, engineering or general business, and may be tangible or intangible.

A trade secret derives its value (real and potential) from being useful to the owner, while not being generally known by others and not readily ascertainable through lawful means.

Maintaining a trade secret may be the conscious strategy to not to seek a patent.

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