Intellectual property (IP) protection supports the development of knowledge-based industries, stimulates international trade and encourages investment and technology transfer. IP rights can contribute substantially to a company's assets and market value. Intellectual property protection is critical to fostering innovation. Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development. Intellectual property (IP) is a category of property that includes intangible creations of the human intellect.