Lesson 1: IP Defined
What is Intellectual Property?
The term intellectual property or IP is a broad term that refers to specific and discrete forms of legal protection over certain aspects of human creative and inventive activity. IP rights are intangible assets created by law. It is sometimes hard to think of IP as a valuable business asset in the same way as one views one’s inventory, building, or equipment, but it is an asset nevertheless and is becoming more and more valuable as the global knowledge economy generates more wealth from IP than from traditional goods.
Businesses need to recognize the strategic value of their IP and how to properly protect and manage it, given that IP is increasingly becoming the major commodity of the global knowledge economy.
There are, however, other more recently developed forms of IP that you need to be aware of in considering your overall IP portfolio -these include:
- domain names
- geographical indications
- plant varieties
- semi-conductor chips (also referred to as silicon chips or integrated circuit topographies).