Definition by the book
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. IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
What it really means
Intellectual property is something that you create, such as a story, an invention, an artistic work, a product or a service. Intellectual property rights are the rights given to individual/s over these creations. They usually give the creator an exclusive right over the use of their creation for a certain period of time. Applying for IP rights to protect your idea can be critical if you want to build a business and establish your presence in a market.
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