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

Intellectual Property is owned by the creator and all those who have contributed to the creative intelligence behind it; another party who can ask for recognition is the sponsor. 

Companies pay the employee’s so that they can demand complete ownership of the innovations they require to do business but there are company’s that give creators due credit for their contributions. 

The fresh creative works by an individual demonstrate the expertise s/he has and protecting their right to ownership has become more challenging when the world is hyper-connected with the internet. 

Copyright law protects the rights to copy the original literary, dramatic, musical and artistic pieces; cinematography works in films and sound recordings used for sound effects. It enables the creators of the pieces to earn from their intellectual properties. 

 

For example, if DISNEY wants to use a piece of soundtrack from SoundCloud in one of their movies legally, the creator and uploader of that piece of sound recording must agree to sell his/her ownership rights to DISNEY and they must be willing to pay the asked price the intellectual property.

 

Use the Term in Sentences:

  • Intellectual property is no inferior to tangible properties in importance.
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