Trade Secret Definition

(business) 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.

(business, law) A formula, practice, device, idea, process, design, instrument, pattern, or compilation of information which is not patented and which is used by the owner to obtain an advantage over competitor within the marketplace and is treated in a way that can reasonably be expected to prevent the public or competitors from learning about it except when there is improper access, eavesdropping, data acquisition or theft (where the country's law recognises theft) of that trade secret and where the implementation of the trade secret does not allow reverse engineering.