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. It is a category of property that includes intangible creations of the human intellect. Intellectual property is protected in law by patents, copyrights, trademarks, and other forms of legal protection, which enable people to earn recognition or financial benefit from what they invent or create. The main purpose of intellectual property 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.

There are many types of intellectual property, including patents, trademarks, copyrights, and trade secrets. Patents protect inventions, while trademarks protect product names and logos. Copyrights protect works of authorship, such as books, music, and software, and trade secrets protect confidential information. Intellectual property infringement occurs when a third party engages in the unauthorized use of the asset.

The main social purpose of protection of intellectual property is to encourage and reward creative work, stimulate innovation, design, and the creation of technology, and ensure fair competition and protect consumers by enabling them to make informed choices between various goods and services. Intellectual property can represent a competitive advantage and is fiercely guarded and protected by the companies that own the property.

In conclusion, intellectual property is a broad categorical description for the set of intangible assets owned and legally protected by a company or individual from outside use or implementation without consent. It is a valuable intangible asset that should be protected to enhance competitive advantage in the marketplace.