Trade Secret Law protects confidential business information that provides a competitive edge. This can include formulas, practices, processes, designs, or any proprietary knowledge that is not publicly known. To qualify as a trade secret, the information must be kept secret and have economic value due to its secrecy. Under the Uniform Trade Secrets Act and the Defend Trade Secrets Act, businesses can take legal action against individuals or entities that misappropriate their trade secrets. Misappropriation can occur through theft, breach of confidentiality, or improper means. Protecting trade secrets is crucial for maintaining a business's competitive position in the market.