Intellectual property (IP) is an asset that a person can own, sell, license, or even give
away at pleasure. Unlike other assets however, IP is mostly intangible and its distinct types,
namely—patents, designs, trademarks, and copyrights—are assets that are borne from
people’s creativity and innovation, and the specific geographical locations concerned.
However, the lack of physical parameters by which most of these assets can be defined or
identified does not preclude the recognition of their innate value and the need to protect
them from theft or unauthorized use, just like tangible assets. This is the primary reason for
the establishment of IP Offices throughout the world. Protection of intellectual property rights
(IPRs) stimulates further creativity and innovation, which in turn spur progress in industries
and ultimately leads to national development.