intellectual property
Intellectual Property (also referred to as "IP") is simply put creative or unique ideas that a person or business would like claim as property. IP can be ideas, inventions, discoveries, business processes, tools, techniques, novel products or services, and even artistic works, unique words or phrases, symbols or designs, Basically, these are the unique, proprietary, or secret advantages of your business that you would like to protect and keep out of the hands of others who might use them to compete with you. If you are successful at protecting your IP, you can create a sort of monopoly on the use of that IP. This can create a long-term competitive advantage for you as you enjoy sole status as a user or seller of that IP.