A trade secret is a very important aspect of a company’s intellectual property. A trade secret can be a piece of information that, while not particularly protectable under regimes like copyright or trademark, provide a competitive advantage to the business. The most famous example of a trade secret was Coca-Cola’s formula. Coca-Cola went to great lengths to protect its secret to prevent other companies from reverse engineering and duplicating its process. It’s very important that companies protect their trade secrets. I advise many small businesses on how to do that via enhanced protections within their own company structure. Other important factors include contracts with third parties, such as nondisclosure agreements, that prevent this important information from leaking out to the general public.