What is a trade secret and what is considered a "trade secret"?

A trade secret is "any formula, pattern, device or compilation of information which is used in one's business, and which gives [the party] an opportunity to obtain an advantage over competitors who do not know or use it." Ashland Management v. Janien, 82 N.Y. 2d 395, 407 (1993). Several factors to be considered in deciding whether something is a trade secret are: 1) the extent to which the information is known outside of the business; 2) the extent to which it is known by employees and others involved in the business; 3) the extent of measures taken by the business to guard the secrecy of the information; 4) the value of the information to the business and its competitors; 5) the amount of effort or money expended by the business in developing the information; 6) the ease or difficulty with which the information could be properly acquired or duplicated by others. Id.