Creations of the mind and intangible assets such as artistic and literary works, inventions, designs used in commerce, images, and names are all considered intellectual property. Intellectual property is protected by copyrights, trademarks, and patents. There are two categories, which encompass intellectual property. They are industrial property, which includes inventions, trademarks and designs and copyright, which includes literary and artistic works. Intellectual property can also be a product of the mind that has commercial value. Whether we realize it or not, we are surrounded everyday by intellectual property. Human creativity and invention are everywhere - at home, at work, at play; even when we are at rest. Intellectual property, when understood and respected, can contribute to economic and cultural prosperity. In order to foster creativity and innovation, intellectual property must be protected. Both businesses and individuals would not realize the full benefits of this intellect with protection.