Intellectual property is a set of legal rights that protect creations of the mind, such as inventions, literary and artistic works, designs, symbols, names and images used in commerce. These rights allow creators and inventors to control the use of their creations and obtain recognition or financial gain from them.
Intellectual property rights fall into two main categories:
- Industrial intellectual property rights: These rights protect creations that can be used in the manufacture of products or the provision of services. They include patents, trademarks, industrial design and trade secrets.
- Creative intellectual property rights: These rights protect creations that are original expressions of thought or imagination. They include copyright, related rights and image rights.
Intellectual property rights are important because they encourage innovation and creativity. By protecting creators and inventors from unauthorized copying and exploitation of their creations, intellectual property rights allow them to recoup their investments and make financial gains from their work.
