A trade secret can be a technique, a formula, a process, a design, a device, or some information that a company uses to manufacture its products or deliver its services. No one outside the company knows what this is, and it gives the business an economic advantage over competitors.

It’s like the secret sauce that makes your favorite dish at the local restaurant taste incredibly delicious. This sets it apart from other establishments, which try their best to duplicate the dish but can’t.

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