Intellectual property is a legal field that protects the creations of authors, such as musical, literature, symbols, images and designed used by the public. Some of the systems or tools used to achieve this are, Copyrights, Trademarks, Patents, and other related rights. Intellectual property is defined as an intangible property that has commercial value including copyrighted property such as literary or artistic works, and ideational property, such as patents, appellations of origin, business methods, and industrial processes.
Intellectual Property gives the author the right to protect his or her own ideas from being used with out their consent or fair payment.
Different Ways to Protect Intellectual Property
Copyright deals almost exclusively with authors protecting their publishing's. Copyright gives the author of a book or other published material the right to choose who can make money off of it, who can adapt the work (like making a movie from a book, or a tv show from a movie), who can act in said adaptions, and of course the copyright makes sure that the author is credited for their work.
It is extremely important that you patent, copyright, or trademark your ideas no matter what, because if you create something and you do not protect it, your work will be free for the public to exploit. They will use your ideas for their own gain and they will have no reason to give you any kind of compensation for using your idea. But if you were to protect your idea, and someone wants to use it, you are entitled to a royalty or you can reserve the right to deny them the ability to use your idea entirely.
Apple admitted that they did not create the iPod. The author was a British man named Kane Kramer, he invented it and patented it. But 30 years ago he did not have enough money to buy another patent for his creation which cost 60,000 Euros. Apple took advantage and used his designs to create the iPod. Kane Kramer does not get a cent for what he created because he did not have enough money to get a patent.