What is intellectual property in simple words?

Intellectual property, or intellectual property, as it is commonly referred to, consists of all the parts of your business that you or your employees have thought about. They are the things that differentiate you from the competition that occurred to you using your intellect: your brain. In general terms, intellectual property is any product of the human intellect that is protected by law from unauthorized use by third parties. While the basic social objectives of intellectual property protection are those described above, it should also be noted that the exclusive rights granted are generally subject to a number of limitations and exceptions, in order to refine the balance that must be found between the legitimate interests of the right holders and users.

The products of the human intellect that constitute the subject of intellectual property are often characterized as non-rival public goods. Intellectual property law can be considered analogous to tangible property law in the sense that both consist of a set of rights conferred on the owner of the property. Intellectual property (IP) refers to the creations of the mind, such as inventions, literary and artistic works, designs and symbols, names and images used in commerce. Intellectual property rights are the rights granted to people over the creations of their minds.