Intellectual property (IP) is a product or creation of human skill and intelligence in the industrial, scientific, literary and artistic fields. These kinds of property are distinct from real estate or personal property in that they are intangible but confer similar rights to the owners as any other property would. These are territorial rights, i.e., these can be enforced only in a country which has conferred these rights to the IP owner. Further, these are usually time bound, for example, a patent has a term of 20 years, and a design registration is valid for 15 years. IP must be developed, protected, maintained, upgraded, and used, to realize value since it not only brings benefits for its creator, but also plays a significant role in furthering national economic interests