Intellectual Property (IP) refers to creations of the mind, which include inventions, literary and artistic works, symbols, names, images, and designs used in commerce, among others. IP is divided into two main categories. The first category is industrial property, which includes patents, utility models, trademarks, industrial designs and geographical indications of source. The second category is copyrighted, which includes literary, musical, and general artistic works such as novels, poems, movies, songs, drawings, paintings, videos, photographs, sculptures, and architectural designs.

The primary purpose of IP laws in jurisdictions around the world are to promote innovation by granting IP rights. IP rights give inventors, artists, and other IP owners the ability to protect their ideas, artistic works, and other IP assets. This allows IP owners to freely create without fear that someone else will capitalize on their efforts. IP laws are also meant to benefit society by encouraging inventors and artists to reveal their work to the public, in exchange for IP rights and the opportunity to monetize and receive other benefits from their IP assets.

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