Original: A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.
Simplified: A trade secret is a formula, practice, process, design, instrument, pattern, or a collection of information which is not generally known, invented or created, by which a business can obtain an economic advantage over competitors or customers.