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Intellectual Property

Definition

Intellectual property refers to creations of the mind, such as inventions, literary or artistic works, symbols, names, images or designs used in commerce. It is protected by various legal mechanisms (such as patents and copyrights) that grant exclusive rights to creators or owners.

Analogy

Think of intellectual property like a recipe for your favorite dish. Just like you would want credit for your secret recipe so others can't claim it as their own without permission or compensation, intellectual property laws protect inventors' ideas and creativity.

Related terms

Patent: A form of legal protection granted by a government that gives an inventor exclusive rights over their invention for a limited period.

Copyright: A legal right that grants authors or creators exclusive control over their original works (such as books, music) for a specific period.

Trademark: A recognizable sign (like logos or brand names) used by businesses to distinguish their products/services from others in the market.