There’s been a lot of concern, and a lot of misconceptions of late, about protecting intellectual property and helping businesses deal with so-called “patent trolls.” It’s important, first of all, to understand that “intellectual property” (IP) is an umbrella term for creations of the mind, such as inventions, literary and artistic works, designs, and symbols, names and images used in commerce. Intellectual property “rights” refers to the assignment of property rights through patents, copyrights, designs, trademarks etc. These property rights allow the holder to exercise a monopoly on the use of the item for a specified period. When we are discussing national policy around intellectual property “rights,” we need to clarify the type of property right.
