The complex nature of intellectual property particularly the law relating to it has led to a lack of understanding and an eventual neglect of intellectual property rights by their owners. While patent, trademark and copyright law develops continually to reflect the increased need for security of these rights, still inventors' continue to exhibit lack of vigilance and willingness to take immediate action and relentlessly overlooked the importance of filing and registering their intellectual properties to avoid exposure to counterfeiting and unauthorized use.
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Intellectual property (IP) refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce.
IP rights are important because just like any other property right, they allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation. In relation to business, IP is a valuable, intangible asset. Whether you are a small business owner or a large multinational company, protecting your IP rights can prevent competitors or anyone else from using your ideas for their own profit without your consent.