Intellectual property rights (IPR) are legal protections that grant creators exclusive rights to their inventions, designs, and artistic works. These rights help ensure that individuals and businesses can benefit from their innovations without the fear of unauthorized use or reproduction by others. Common types of IPR include patents, trademarks, and copyrights. By safeguarding intellectual property, IPR encourages creativity and innovation, fostering economic growth. For example, a patent allows an inventor to control who can make or sell their invention, while a trademark protects brand names and logos. Overall, IPR plays a crucial role in promoting fair competition and rewarding creativity.