What is Intellectual Property? Importance, Types, and Protection of Intellectual Property

Intellectual property (IP) refers to the legal ownership rights of creative works, inventions, and other products of human intellect. It encompasses intangible assets such as patents, trademarks, copyrights, and trade secrets. IP protection is essential for promoting innovation and economic growth by providing a legal framework that encourages creativity, rewards investment in new ideas, and safeguards the rights of creators and innovators. It incentivizes individuals and businesses to invest in new products and technologies, leading to faster economic growth and more technological advancements.