What is Trade Secret?

A trade secret is any of the following "confidential information" which is used to get an edge over the competitor:

• Formulas
  
• Processes
• Designs
• Patterns
• Information
• Practices
• Instrument

So a trade secret is a valuable information which is not known to the competitors and its confidentiality is protected by by some agreements like non-compete and non-disclosure agreements (or even without them by mutual understanding).

Trade secrets lacks formal law protection and does not expire with time as patents do.