Intellectual property (IP) refers to the set of rights given to individuals for the protection of their idea or invention. A fundamental understanding of these is essential to your business, specifically with regard to your resources and services which are your business assets. Protecting your intellectual property can give you a competitive advantage. Doing so will keep others from infringing upon the products, services and processes unique to your business. In addition, IP rights are themselves business assets as they can be sold and licensed.