What Is Intellectual Property And Why Is It Important?

Intellectual Property (IP) is a collective term for a set of intangible assets that are the results of creativity, such as, patents, copyright, trademarks, trade secrets, etc. Intellectual property protection is essential for encouraging innovation. Without safeguards for ideas, firms and individuals would not gain the full advantages of their creations and would devote less time to research and development. Similarly, artists would be underpaid for their work, and cultural vibrancy would suffer as a result.

Intellectual property law (also known as IP law) is used to protect innovations, brands, creative works of writing, and valuable trade secrets

The 4 main types of Intellectual Property and how to remember them: