What is IP?

Intellectual Property (IP) is a term for property which arises from creations of the mind. IP comes in many forms, with each form having different uses, requirements for creation and ownership, lifetimes and so on. The most common forms of IP are copyright, trade marks, patents, know-how and trade secrets. Like other forms of property, IP can be sold, licenced and inherited. IP is often bound up in confidential information - information which is kept secret and may have commercial value. Sometimes, IP needs to be registered to be obtained, for instance by applying for a patent.

A single product or service can encapsulate multiple forms of IP. Knowing which forms of IP are relevant to a particular product, service or idea, as well as how to best protect each form of IP, is part of the job of a specialised IP consultant. The other part is knowing how to integrate IP into a business in a way that unlocks value and minimises risk.