ABSTRACT
This chapter provides an overview of the main types of intellectual property (IP) rights and explains their key characteristics. The subject matter of IP rights, creative endeavour and inventions, necessarily has a link with knowledge and ideas. A central characteristic of IP rights is that they are negative monopolistic rights. This means that an IP owner may lawfully exclude others from using and exploiting the subject matter of the right. The existence of IP laws encourages the disclosure and dissemination of information and widens the store of knowledge available in the community. Understanding the interplay between innovation theory and IP rights helps firms preserve their competitive advantage through strategic use of their corporate IP rights over the course of the business life cycle. Patent attorneys may also advise and represent clients in patent litigation and in relation to corporate reporting of IP valuations.
