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Description

ellectual property is a term that describes property that is developed through an intellectual and creative process. Intellectual property falls into a category of property known as intangible rights, which are not tangible physical objects. Intellectual property is of significant value to companies in the United States and globally as well. Over one-half of the value of large companies in the United States is related to their intangible property rights. Some industries are intellectual property intensive, such as the music and movie industries. Other industries that are not intellectual property intensive, such as the automobile and food industries, are still highly dependent on their intellectual property rights. Because of their intangible nature, intellectual property rights are more subject to misappropriation than is tangible property. It is almost impossible to steal real estate, and it is often difficult to steal tangible property such as equipment, furniture, and other personal property. However, intellectual property rights are much easier to misappropriate. Examples are counterfeit compact discs (CDs) and DVDs and fake designer purses. Computers and cyber piracy make it easier to steal many forms of intellectual property. Patent is a grant by the federal government upon the inventor of an invention for the exclusive right to use, sell, or license the invention for a limited amount of time. Patent law is intended to provide an incentive for inventors to invent and make their inventions public and to protect patented inventions from infringement. Federal patent law is exclusive; there are no state patent laws.

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