Explain the nature of Intellectual Property

Question

Explain the nature of Intellectual Property?

Answer 1

Intellectual property is the product of mental activity, i.e., ideas or inventions, of which individuality or originality is an essential feature. Intellectual property is non-exclusive. Ideas cannot be possessed exclusively nor can a person prevent another from coming up with the same idea or a similar one. Ideas are also non-rivalrous. My possession and enjoyment of an idea does not diminish your ability to do the same.

In both common law and statutes, Canada has sought to balance the moral rights that creators have to reap the rewards of their efforts with the social costs of protection and the inefficient use of resources resulting from restrictions placed by intellectual property rights.