Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. IP is protected by law through patents, copyright, trademarks, and trade secrets, allowing creators to benefit from their work.

IP rights encourage innovation and creativity by granting exclusive rights for a limited time. They are important in business for protecting brands, technologies, and creative content. International agreements such as TRIPS set minimum standards for IP protection.

Key points

• Creations of the mind
• Protected by patents, copyright, trademarks, trade secrets
• Encourages innovation
• Governed by international agreements