Entry: Trade Secret Pronunciation: trayd – see – cret
Definition: information that remains secret to others through
reasonable means to protect its secrecy and creates actual or
potential economic value for its owner So, a trade secret can be
broken down into four elements and defined as (i) information
(ii) that remains secret to others (iii) through reasonable
means to protect its secrecy and (iv) creates actual or
potential economic value for its owner. Let’s look at these
elements one by one. First, a trade secret can be nearly any
type of information such as processes, tools, programs,
techniques, formulas, plans, patterns, compounds, compilations,
devices, etc. that are kept secret by the owner and not easily
obtainable or readily known by others. One of the most popular
trade secrets in the world is Coca-Cola’s recipe for its Coca-
Cola carbonated beverage drink. Nearly everyone has drank Coca-
Cola but almost no one knows its secret recipe – its most
valuable trade secret. Second, the trade secret nearl