What is IP (Intellectual Property)?
IP or Intellectual Property refers to creations of the mind for which exclusive rights are recognized. Such creations of the mind include inventions, expressions, business methods, industrial process, chemical formula, artistic works, and names, designs, and symbols used in commerce. Depending on the form, intellectual property may be protected by patents, trademarks, copyrights, contracts, and/or as a trade secret.
Patents protect inventions. Trademarks protect brands and source identifiers. Copyrights protect the expression of an idea fixed in a tangible medium. Trade secret rights protect information that has business value and is not publicly known. Contracts are entered into between at least two parties and define the rights and obligations of the parties.
