What is Intellectual Property (IP)?

Intellectual Property (IP) refers to creations of the human mind including inventions, literary and artistic works, symbols, names, images, and designs used in various fields such as business, science, technology, and the arts.

Unlike physical property, IP is intangible it cannot be touched or seen but it carries economic and moral value. It results from a person’s creativity, intellect, skill, and effort.

Just like physical or tangible property, IP can be:

• Bought, sold, licensed, exchanged, gifted, or inherited

The legal protections granted to the creators or owners of such intangible assets are known as Intellectual Property Rights (IPRs). These rights encourage innovation and creativity by ensuring creators are rewarded for their efforts and investments.