Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. It allows creators to protect their unique ideas and innovations, ensuring they can benefit from their work without unauthorized use by others. There are several types of intellectual property, including patents, trademarks, copyrights, and trade secrets. Each type serves a different purpose: patents protect inventions, trademarks safeguard brand names and logos, copyrights cover artistic works, and trade secrets protect confidential business information. Together, they encourage creativity and innovation in society.