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Intellectual Property Rights

Definition

Intellectual property rights refer to the legal ownership and control over creations of the mind, such as inventions, artistic works, and brand names. These rights grant exclusive use and protection against unauthorized use or copying.

Analogy

Think of intellectual property rights like owning a recipe for a secret sauce. Just as the creator has the exclusive right to use and profit from their secret sauce recipe, individuals have similar rights over their creative works.

Related terms

Patent: A patent is a type of intellectual property right that protects inventions or new processes, granting exclusive rights to the inventor for a limited period.

Copyright: Copyright is an intellectual property right that protects original works of authorship (such as books, music, or artwork), giving creators exclusive rights to copy, distribute, and display their work.

Trademark: A trademark is a type of intellectual property right that protects brand names, logos, or symbols used to identify goods or services. It gives businesses exclusive rights to protect their brand identity from unauthorized use.