Defining Intellectual Property

Intellectual property (IP) refers generically to property rights created through intellectual and/or discovery efforts of a creator that are generally protectable under patent, trademark, copyright, trade secret, trade dress, and the like. Value is generally derived through the application of the invention in commerce. Properly identifying and fully developing the commercial value of IP assets can be a complex and challenging process. These challenges can be addressed by first obtaining broad protection of an entity’s IP rights in ways that facilitate the commercial development of those assets for maximum return. An effective strategy often includes uncovering possible market opportunities, developing the marketability of these assets, and developing methods of gaining market access.