The need for intellectual property protection became evident as early as 1873, when foreign exhibitors refused to attend the International Exhibition of Inventions in Vienna because they were afraid their ideas would be stolen and exploited commercially in other countries.
Intellectual property is a product of human endeavour.
The term intellectual property refers to assets that can be traded but are intangible, as opposed to physical assets such as buildings, materials and stock. Such assets may be intangible but they provide a valuable means of protecting the original material. The term intellectual property is also used to cover secret information such as know-how, trade secrets or confidential information for which no formal system of protection exists. These developments led governments worldwide to monitor their systems for protection of intellectual property rights, in order to promote strong, competitive markets, innovation and investment. Stimulating competition in turn means that an effective intellectual property rights system provides consumers with both protection and greater choice in the products and services they buy.