Any participant in the process of commercializing technology knows that secrecy is important for many reasons. First, if one discloses a valuable technology or trade secret, this may invite competitors wanting to ape that technology. Second, even if the technology is protectable, confidentiality about transaction terms may protect counterparties in future negotiations. Third, secrecy may just be safest when there is risk that audiences may misinterpret that information. When commercializing innovation, what is most frequently kept secret?