Intellectual property (IP) rights are legally recognized rights to the owner's developments. Under intellectual property law, owners are granted exclusive rights to an assortment of elusive assets, such as literary, musical, and artistic works; inventions and discoveries; and phrases, words, drawings and symbols. Common types of intellectual property rights can include copyrights, trademarks, patents, industrial design rights, and trade dress. Patent A patent is a right granted to the owner of an invention that prevents others from making, using, importing or selling the invention without his permission. A patentable invention can be a product or development that provides a new technical solution to an existing problem. It can also be a new practice of making things, the composition of a new product, or a technical improvisation on the functioning of certain objects. Once granted, the term of the patent is 20 years from the Filing Date, subject to the payment of an annual fee. renewal fees. Patent benefits prevent others from exploiting your inventions, you can implement it to create new ones...