Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. IP is protected by law, which gives the owner certain exclusive rights to use their creations. The protection of intellectual property helps to ensure that creators and inventors are properly recognized and rewarded for their work, and it encourages innovation and creativity. There are several different types of intellectual property, including copyrights, trademarks, patents, and trade secrets.
Some examples of intellectual property include:
- Literary works, such as books, poems, and plays
- Musical compositions and recordings
- Films, television shows, and plays
- Artistic works, such as paintings, sculptures, and photographs
- Computer software
- Inventions and discoveries, such as new technologies and medicines
- Trademarks, which are symbols, words, or phrases that distinguish a product or service from others
- Patents, which are legal monopolies granted to inventors for a limited time in exchange for the public disclosure of their inventions
- Trade secrets, which are information that is not generally known and that gives a business a competitive advantage.
- Examples of trade secrets include formulas, recipes, and other proprietary information.