trade secret

trade secret   n.  A secret formula, method, or device that gives one an advantage over competitors.

Main Entry: trade se·cret
Function: noun
: a formula, process, device, or item of information used by a business that has economic value because it is not generally known or easily discovered by observation or examination and for which reasonable efforts to maintain secrecy have been made
NOTE: Trade secrets are a form of intellectual property. Many states have enacted laws which create an action for damages or injunctive relief against misappropriation of trade secrets by improper means. Information contained in a patent is not protected as a trade secret.