The term IPR is abbreviated as Intellectual Property Right.
Intellect is the ability of a person’s brain to create something new or innovative.
Property usually is denoted to be any moving or immoving assets such as land, car, house, building, chartered planes, ships etc. The term property always refers to something that has been registered and approved by a governing body; in many situations the above mentioned properties are basically secured only on the following reasons when considered as investments.
- It can rented / leased for earning income.
- It can be resold on a higher price (not applicable for depreciating properties)
- It can be used for oneself saving expense on hiring others’ properties on rent?
An Intellectual Property carries the same attributes on acquiring one.
- An IPR can be sold to a third party or any industry with huge profits usually 10 to 2000 times the investment made.
- An IPR can be licensed to third parties for rent / lease earning sustainable revenue out of the investment.
- An IPR can be utilized by own for commercialization setting up a own product unit becoming an entrepreneur.
This is the reason IPR is termed to be a “Property”.