In plain terms trade secrets are information held by an individual, entrepreneur or business that have actual or potential economic value. The value is in the fact that the information is secret information held by the entrepreneur and not known by others including their competitors The economic advantage is based on the fact that the entrepreneur knows the information, but others, including their competitors do not know of the information and can not ascertain the information without the use of improper means, such as theft of the secret. The individual. Entrepreneur or business knows the information and has used reasonable measures to maintain the secrecy of the information and keep the information out of the others and their competitors knowledge.

In short, a trade secret is any valuable information that an individual, entrepreneur and or businesses keeps confidential and actively protects the information from becoming known to others including their competitors. The information is secret information and gives the entrepreneur a competitive advantage because the information is secret and not known to others including their competitors.

Unlike patents and copyrights which become public records, trade secrets are private non- public information whose economic benefit derives from the information being secret.