Typically means a solo worker, although IPs may temporarily join work teams. Emphasizes project-based nature of work, and that IPs are free to negotiate the conditions under which they work. Derived from sports. Today, the term is widely used in creative fields such as graphic arts, film, writing, etc. Term used for IPs, to distinguish them from entrepreneurs but at the same time remind us of the similarities.
Some people use the terms IP and entrepreneur interchangeably, but they have different connotations.
In the purest sense of the term, an IP is not necessarily interested in expanding into a company, although some IPs eventually do make this shift.