Intellectual Property Market Is Driven by Renting of Intellectual Property
The term "intellectual property" refers to creations by individual minds in the form of artistic and literary work, inventions, symbols, images, concepts, names, and designs that are primarily used in commerce. Law defines intellectual property as intangible rights that protect the creations of the human mind and intellect, such as patented inventions and copyrightable works. The aim of this law is to foster a productive environment wherein innovation is prized and creativity is fostered.
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