What is a Trade Secret?

The modern definition of trade secret encompasses any information that can be used in the operation of a business or other enterprise and that is sufficiently valuable and secret to afford an actual or potential economic advantage over others.

The law provides protection for trade secrets if certain legal requirements are met. However, unlike patents, copyrights and trademarks, there is no office or agency where you can file a trade secret application, obtain a review by a qualified examiner, and be issued an official trade secret certificate.

The legal protection of trade secrets instead requires self-administration by the trade secret owner. And trade secrets, once lost, are lost forever.