Intellectual Property is creation of minds. It is a set of Intangibles owned and legally protected by the creator of the innovative Ideas. To promote the Innovations, creativity and its protection, numerous laws are enacted by Government to let the creators secure exclusivity and ownership rights by registering their innovations and unique ideas. Upon obtaining registration, the creator or owner enjoy exclusive right to use, sell, assign their rights, and avail monetary benefit through it, and also to protect the same.
The most used IPR are:
-Geographical Indication
-Industrial Designs namely
All these above mentioned benefits motivates the creation of new ideas and innovations for the betterment of the society as the new ideas leads to competition in market which helps to improve the quality of goods and services. It also allows the owner of IP to quantify their creation in monetary terms and convert their ideas into business, which also leads to employment generation in the society.
Source: Quora
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