Introduction:Intellectual Property (IP) is a legal concept that includes copyright, trademark, patent, industrial design rights, trade secrets and related rights. Under intellectual property law, the holder of one these abstract "properties" has certain exclusive rights to the creative work, commercial symbol, or invention which is covered by it. The term intellectual property refers broadly to the creations of the human mind. Intellectual property rights protect the interests of creators by giving them property rights over their creations. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; ideas, discoveries and inventions; and words, phrases, symbols, and designs.
Intellectual property relates to items of information or knowledge, which can be incorporated in tangible objects at the same time in an unlimited number of copies at different locations anywhere in the world. The property is not in those copies but in the information or knowledge reflected in them.
Intellectual property rights are also characterized by certain limitations, such as limited duration in the case of copyright and patents.
History:Modern usage of the term intellectual property began with the 1967 establishment of the World Intellectual Property Organization (WIPO). It did not enter popular usage however until passage of the Bayh-Dole Act in 1980.
The concept appears to have made its first appearance after the French revolution. In an 1818 collection of his writings, the French liberal theorist, Benjamin Constant, argued against the recently-introduced idea of "property which has been called intellectual." The term intellectual property can be found used in an October 1845 Massachusetts Circuit Court ruling in the patent case Davoll et al. v. Brown., in which Justice Charles L. Woodbury wrote that "only in this way can we protect intellectual property, the labors of the mind, productions and...