Definition
Intellectual property, often called IP, refers to creations of the mind that are legally protected from unauthorised use. It includes inventions, literary and artistic works, designs, brand names, trade secrets, and symbols. IP laws give creators and businesses exclusive rights to use and profit from their creations, encouraging innovation and protecting investment.
For example, a company logo is protected by trademark law, while software code is protected under copyright. Together, these protections form part of an organisation’s intellectual property portfolio.
Advanced
Intellectual property covers several distinct legal areas. Copyright protects original works of authorship, patents cover inventions and processes, trademarks safeguard brands, and design rights protect visual features of products. Trade secrets also fall under IP when businesses keep commercially valuable information confidential.
Advanced IP management involves registering patents and trademarks, enforcing rights against infringement, and managing licensing agreements. Global businesses must consider international frameworks such as the Berne Convention, TRIPS Agreement, and WIPO systems, which harmonise IP rights across jurisdictions. Digital markets add complexity with online piracy, counterfeiting, and domain name disputes, requiring proactive monitoring and enforcement.
Why it matters
- Protects innovation and creative works from being copied.
- Builds business value through branding and proprietary assets.
- Creates opportunities for revenue through licensing and partnerships.
- Ensures compliance with laws to avoid infringement disputes.
Use cases
- Registering patents for new inventions in technology or medicine.
- Trademarking logos, product names, or slogans for brand protection.
- Licensing copyrighted works such as software or music.
- Protecting trade secrets through confidentiality agreements.
Metrics
- Number of patents, trademarks, or designs registered.
- Volume of licensing agreements generating revenue.
- Infringement cases filed or resolved in courts.
- Share of business valuation attributed to IP assets.
Issues
- High costs and complexity of registering and enforcing IP rights.
- Risk of infringement by competitors or counterfeiters.
- Difficulty protecting IP across multiple jurisdictions.
- Reputational harm from disputes or misuse of third-party IP.
Example
A startup develops a new mobile application and registers both the software code under copyright and its brand name under trademark law. By protecting its intellectual property, the startup prevents competitors from copying its product and increases its market value when seeking investment.