intellectual property
in-tuh-LEK-choo-ul PROP-er-tee
/ˌɪntəˈlɛktʃuəl ˈprɒpərti/
Creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
This umbrella term covers various legal rights (patents, copyrights, trademarks, trade secrets) that protect intangible assets resulting from human intellect and creativity.
The story behind the word. The term 'intellectual property' is a relatively modern legal concept, though its constituent parts have older roots. 'Intellectual' comes from Latin 'intellectus' (understanding, discernment), and 'property' from Latin 'proprietas' (ownership, peculiar nature). The combination emerged in the 17th century and became widely used in legal and economic discourse by the 19th century to describe the rights associated with creations of the mind.
Word relationships
- intangible assets: Broader business term for non-physical assets, including IP but also goodwill, brand recognition, etc.
- tangible property: Physical assets that can be touched, such as real estate, machinery, or inventory.
Commonly confused with
- patent: A 'patent' is one type of intellectual property, specifically protecting inventions.
Collocations
- protect intellectual property
- intellectual property rights
- intellectual property law
- manage intellectual property
Example sentences
- "Protecting intellectual property is crucial for innovators, as it allows them to profit from their creations and encourages further development." Discussing legal protections.
- "The company's most valuable assets included its patents, trademarks, and proprietary software, all forms of intellectual property." Referring to different types of assets.
Memory hook
Think of 'INTELLECTUAL PROPERTY' as the 'PROPERTY' (ownership) of your 'INTELLECT' (mind's creations). IP = mind's creations.
When not to use
Do not use 'intellectual property' to refer to physical assets like land or equipment, which are 'tangible property'.
Fun facts
- The World Intellectual Property Organization (WIPO) is a UN agency dedicated to promoting the protection of IP worldwide.
- Trade secrets, like the formula for Coca-Cola, are also a form of intellectual property, protected by confidentiality rather than registration.
Related words
Also appears in
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