Intellectual property laws are a body of law that protects the legal rights of people who create concepts, innovations, and other works using their intellect. The primary purpose of intellectual property law is to:
Foster innovation and economic growth by incentivizing people to innovate with the assurance that they will get recognition and compensation for their work;
Provide a meritorious system of knowledge dissemination, which allows the public to gain insights into emerging technologies while at the same time protecting the rights of the creators;
Protect the investments of pioneers, who may be individuals or companies who have made significant investments to improve existing products, concepts, and inventions or make discoveries; and
Protect consumers with trademarks by providing mechanisms through which consumers can establish the origin and quality of services and products in the market.