Trade Secret: Definition, Example and Related Terms
What is a Trade Secret ?
A trade secret is something very special that a company knows and uses but doesn't want anyone else to know about. It's like a magic trick that a magician keeps secret to surprise people.
Example(s)
- A famous restaurant might have a special ingredient in their burger sauce that makes people come back for more.
- A video game company might have a unique way they make characters look super real that other companies haven't figured out.
- A makeup brand has a special formula for their lipstick that stays on all day and they don't want their competitors to copy it.