What is Intellectual Property?
Intellectual Property is the oil of the 21st Century. All the richest people of today have made their money out of Intellectual Property.
It is a type of incorporeal, intangible asset, which is created out of an intellectual process. Protection is offered to Intellectual Property laws so that the creators obtain exclusive rights to exploit their intellectual creations, which subsequently enhances creativity.
Intellectual property rights are very vital for the promotion of innovative thought in the society. Inventors, artists, scientists and businesses put a lot of time, money, energy and thought into developing their innovations and creations. Granting exclusive rights over one’s intellectual property is a means to encourage such innovators because it provides them a fair chance to receive returns to their investments.