Definition

Intellectual Property

Intellectual property is any product of human intellect, imagination, creativity, or inventiveness that is intangible but has value in the marketplace and can be protected through tools such as patents, trademarks, copyrights, and trade secrets.

A company’s intellectual property consists of intangible assets such as an invention, a business’s logo, and a company internet domain name. All these assets can provide a business with a competitive advantage in the marketplace, and the loss of such assets and be just as costly (if not more so) to a business as the loss of physical property or equipment.

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