Introduction to Intellectual Property and Various Property Laws in SingaporeFirst of all, the definition of intellectual property refers to the creation of the mind, such as literary works and artistic, inventions, designs, names, symbols. , logos and even images used in industries. An example of intellectual property is that business owners are granted exclusive rights for the use of their brand or even their identity, their logo, that they initially established. Even for creative artists like singers, artists enjoy copyrights in their musical, drawing and artistic works for their creation. This would allow artists to protect their product from use by others without claiming credits from the original owner, while, from a business perspective, they would be able to maximize their value through a franchise, a license or the transfer of their intellectual property. There are eight types of intellectual property. These are the patent, the trademark, the registered model, the protection of plant varieties, the copyright, the geographical indication, the commercial secret and the layout diagram of an integrated circuit. Intellectual property refers to the creation of the human mind for which exclusive rights are recognized. Innovators, artists, and business owners are granted certain exclusive rights to a variety of intangible assets for a specific period of time. For a company, intellectual property is an intangible asset. This gives financial institutions and business partners the confidence to collaborate or invest in the organization. Business owners can also maximize the value of their intellectual property by transacting, franchising or licensing. There are eight types of intellectual property. These are: Patent, Trad...... middle of paper ...... Overall, protecting an intellectual property is important to the success of the business because it protects more than just the concept , or even the idea, it protects the originality of business assets that can be linked to the core services of the business itself and the overall long-term viability. To be honest, when you have a great idea for a service or even a product, there will always be people who want to copy and duplicate the idea and make money from your idea. Depending on the circumstances, you can use trademarks, copyrights or even patents. All of this would cover intellectual property in different areas. This would prevent competitors or anyone else from using your ideas for their own gain without your permission. So never forget the importance of protecting your intellectual property, it's your idea, not theirs..