Intellectual property rights (IPR) are a crucial aspect of the modern economy, shaping the way individuals and businesses protect their creations and innovations. In a world driven by knowledge and innovation, understanding intellectual property rights is essential. This article explores the concept of intellectual property, the various types of intellectual property rights, and their importance in today’s society. What is Intellectual Property? Intellectual property refers to the legal rights granted to individuals or entities over their creations of the mind.