Intellectual property rights are the rights given to persons over the
creations of their minds. They usually give the creator an exclusive right over
the use of his/her creation for a certain period of time. Intellectual property
is a broad categorical description for the set of intangible assets owned and
legally protected by a company from outside use or implementation without
consent. An intangible asset is a non-physical asset that a company owns.
The social purpose is to provide protection for the results of investment in
the development of new technology, thus giving the incentive and means to
and development activities.