What is intellectual property?

Intellectual property law is an area of law that includes legal rules and rights that are linked to intangible assets. Intangible assets are non-physical assets such as inventions, trademarks, copyrights, patents, designs, trademarks, trade secrets, and other forms of intellectual property.

Intellectual property rights provide legal protection and ownership rights to these types of assets and enable them to be used, licensed and protected by their owners. Examples are copyright, trademarks, patents or a design. Intellectual property rights are essential to promote innovation, protect creativity and encourage economic development.

The rights under intellectual property law give owners incentives to invest time and resources in developing new products, services and creative works, and they also enable companies to compete fairly in the marketplace. Intellectual property law varies between countries, and businesses and individuals must be aware of and comply with these laws to protect their intellectual property.