IP refers to the legal protection of original creations and innovations. It functions as a shield for the intangible assets of one's mind.
For example, consider someone who writes a distinctive story, invents a groundbreaking product, or crafts a memorable logo. IP law provides them with exclusive rights to govern the use of these creations and bars others from unauthorized usage.
The concept of IP centers on the recognition and preservation of the hard work and ingenuity of individuals. Furthermore, IP laws incentivize creativity by ensuring creators can reap the benefits of their work, mirroring the appreciation and rewards given for crafting something unique.
In essence, IP constitutes a framework that maintains equilibrium between stimulating innovation and safeguarding creators' interests, fostering an environment of equitable competition and progress across diverse fields, ranging from technology to the arts.
The three main types of IP rights are patents, trademarks, and copyrights.
