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Intellectual property refers to any product of human intellect which has market value. Examples of such properties include inventions, ideas or expressions, business methods, industrial processes, and chemical formulas. Intellectual properties have an economic value which is determined by a particular market and, therefore, may be considered a business asset (intangible property) and a business decision tool.
In order to consider an intellectual property as a valid business asset, it should be protected through legal means such as patents, trademarks, service marks or copyrights, as provided through intellectual property laws.