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Trade secrets are proprietary information used in the course of business to gain an advantage in products or services. A trade secret can be a formula, a device, patterns, techniques, sales forecasts, customer lists, manufacturing processes, databases, spreadsheets, or any other compiled information that has a specific business application. To be a trade secret, the information must have economic value, it must be kept secret, and that secret must be protected.
When a court determines if something is a trade secret or not, it normally looks to two factors:
1. The degree to which you take steps to protect the information, and
2. The ease of getting the information from other sources.
If you have information that you want kept confidential, then you must take precautions to keep this information secret. Here's how: