intellectual-property

Vocabulary Word

Definition
'Intellectual property' refers to creations of the mind, like inventions, literary work, art, designs, symbols, names, or images that are legally protected and owned by someone.
Examples in Different Contexts
In business, protecting 'intellectual property' is vital for maintaining competitive advantage. A business leader might say, 'Securing the intellectual property rights for our new software ensures our unique innovations remain exclusive to our company.'
Practice Scenarios
Business

Scenario:

Our product's secret recipe makes us stand apart from our competitors. We should think about safeguarding it.

Response:

You're right; we should patent our secret recipe to protect our intellectual property.

Tech

Scenario:

The new algorithm we developed is revolutionary. It's crucial we secure it before launching the product.

Response:

Indeed, since it enhances our software's performance, we should consider this algorithm as our intellectual property.

Related Words
copyrighttrade-secretterritorysource-codedefendrealmassetcompetitive-advantage