- Intellectual Property (IP) means the property, which is created with intellect such as inventions, books, paintings, songs, symbols, names, images, or designs used in business, etc.
- IP is a property which cannot be touched or seen and is product of a person’s intelligence, hard work, and skill.
- IP, like any real property that i) can be bought, sold, licensed, exchanged, given away ii) The owner can prevent unauthorized use and can take legal action, in case someone else uses it without permission.
- Legal rights conferred on such property are called “Intellectual Property Rights” (IPRs).
Basics of IP
India recognizes various types of IPRs, such as: