To foster innovation, intellectual property is critical. Without the protection of ideas, businesses and individuals would not benefit from their inventions. Similarly, artists would not be fully compensated for their creations and cultural vitality would suffer as a result. The purpose of Intellectual Property is to create a framework that incentivizes value creation—specifically, the development of new ideas and inventions—while also providing for public access to the good or service.
Five types of Intellectual Properties are copyrights, patents, trademarks, trade dress, and trade secrets. A copyright protects the form of expression rather than the subject matter of the writing. Patents, as compared to other types of intellectual property, patents are among the most valuable, costly, and difficult to obtain.