Trade secrets are intellectual property (IP) rights on confidential information which may be sold or licensed.
In general, to qualify as a trade secret, the information must be:
- Commercially valuable or have potential commercial value because it is secret,
- Be known only to a limited group of persons (i.e., it is not generally known among, or readily accessible, to circles that normally deal with the kind of information in question). Absolute secrecy is not required.
- Be subject to reasonable steps taken by the rightful holder of the information to keep it secret.