This chapter explores the forms of business secrets, which include but are not limited to trade secrets and sensitive information, and compares them against other common forms of Intellectual Property such as patents. We compare the benefits of keeping business secrets vs. patenting innovations, with a particular interest in the innovation trends from Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT). We also take a look at how the increased use of data—both personal data falling under General Data Protection Regulation (GDPR) and other regulations, and non-personal data—impacts how organisations must think about management of such assets. Finally, this chapter considers the people involved in business secrets—as the originators of the secrets, as employees, academics, or individuals involved in the process. We look at the obligations of the individuals and the duty of care that the organisation has to them.