Intellectual property (IP) refers to intangible creations of the human intellect that are protected by law. The main purpose of IP law is to encourage the creation of a wide variety of intellectual goods for consumers by giving people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time. IP can take many forms, including inventions, literary and artistic works, designs, and symbols, names, and images used in commerce. The most common types of IP are:

• Patents: A recognition for an invention that satisfies the criteria of global novelty, non-obviousness, and industrial application. Patents give inventors exclusive rights to prevent others from making, using, or selling their invention for a limited period of time.

• Copyrights: Legal protections for original works of authorship, such as books, music, and software. Copyrights give creators exclusive rights to reproduce, distribute, and display their work for a limited period of time.

• Trademarks: Distinctive signs used to identify and distinguish the goods or services of one business from those of another. Trademarks can include words, logos, and slogans, and they give businesses exclusive rights to use their marks in commerce.

• Trade secrets: Confidential information that gives a business a competitive advantage. Trade secrets can include formulas, processes, and customer lists, and they give businesses exclusive rights to use their secrets for as long as they remain secret.

IP rights are designed to strike a balance between the interests of innovators and the wider public interest, fostering an environment in which creativity and innovation can flourish. By giving inventors and creators exclusive rights to their work, IP law provides economic incentive for their creation and allows them to profit from their work.