Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and /images used in commerce.
IP is protected in law by, for example, patents, copyright and
trademarks, which enable people to earn recognition or financial
benefit
from what they invent or create. By striking the
right balance between the interests of innovators and the wider
public interest,
the IP system aims to foster an environment
in which creativity and innovation can flourish.
(www.wipo.int/about-ip/en)