A trade secret is a type of intellectual property that consists of confidential information providing a business advantage over competitors. This can include formulas, practices, processes, designs, or any information that is not generally known or easily accessible. To qualify as a trade secret, the information must be kept secret and must provide economic value to the business. Companies often take measures to protect their trade secrets, such as implementing non-disclosure agreements (NDAs) and restricting access to sensitive information. Unlike patents, trade secrets do not require registration, but they can be lost if the information is disclosed or becomes public knowledge.