IP (intellectual property) IPR - intellectual property rights
- legal protection of intangible assets - like ideas!
- copyrights
- patents
- trademarks want to do this: maximize return on investment; maintain USP; reduce threat of competition (because they cannot use the same thing as you)
copyrights
- give legal right to a piece of work patents
- protect inventions of a business
- having patents incentivizes R&D ⇒ because rivals cannot simply copier
- getting patent is not simple
- bureaucracy :sob:
- got to prove your thing is new unique + innovative
- IP protection → owner patent can sue rival for copying businesses trademark
- like copyright but for company branding (i.e. logo, slogan, etc.)
