Any creative thought, innovative idea, distinct work, novel invention, different concept and more and more and more of talents and thoughts arising out of intellect of a person is intellectual property. This is an asset of a person or company or organization depending on to whom this asset belongs to. The owner of the asset is another part of the topic. Now intellectual property is intangible property and this property can exactly be enjoyed as similar to that of normal tangible property just like an own house or own car or own laptop etc.
Few examples to say a story writer writes innumerable interesting stories which become an asset to him by generating income and reputation. A Musician out of his creativity composes wonderful music, this is a asset associated with this talent. A scientist makes his innovation invention, which is novel and is of great importance for development of an industry ,so that is the asset of his intellect. Even if a person or group of person’s form a unique brand name and they make lot of efforts to promote their brand to develop their business, through this their brand name acquires a reputation and this becomes the real asset for the development of the company. This is what intellectual property is?.
Next moving on to what is role of law in protecting Intellectual property.