IP. Property a company owns that is intangible (i.e. not physical) but has value for its intrinsic intellectual merit such as inventions, designs, artistic works. Intellectual Property can be protected under various rights including patents, trade marks, designs and copyright. Intellectual Property law aims to allow the creator to profit from the innovation but without giving them a monopoly over it. Note that Intellectual Property rights are not universal: they may receive different treatment in different countries.