Intellectual property (IP) is a product or creation of human skill and intelligence in the industrial, scientific, literary and artistic fields. These kinds of property are distinct from real estate or personal property in that they are intangible but confer similar rights to the owners as any other property would. These are territorial rights, i.e., these can be enforced only in a country which has conferred these rights to the IP owner. Further, these are usually time bound, for example, a patent has a term of 20 years, and a design registration is valid for 15 years.

IP must be developed, protected, maintained, upgraded, and used, to realize value since it not only brings benefits for its creator, but also plays a significant role in furthering national economic interests

There are several types of IPRs recognized currently:

• Patents
• Plant Variety Protection
• Trademarks
• Geographical Indication
• Copyrights
• Designs
• Trade Secrets
• Semiconductor IC Act

A single product may be protected by several IPRs and thus, a basic knowledge of all the key IPRs is essential. For e.g.  a simple product such as an eye-drop may incorporate a number of IPRs for example, design, copyright, trademark, patent etc.

IPRs are business assets, which like real estate, must be defined, value-assigned, and used. IPRs are specifically important for business as they are powerful business tools for companies to gain exclusivity over a new creation, develop a strong market position, reinforce a competitive advantage and earn additional revenues through licensing.

• Attracts venture capital investment
• Protects your innovation from copying or misuse
• First mover advantage
• Blocks competitors
• Builds reputation
• Licensing and monetization prospects
• Incentive for further development
• Encourages fair trading
• Helps industry to improve existing technology to produce cheaper and better product
• Avoids duplication of research