Intellectual property rights are similar to any other property rights which allows creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation. Intellectual Property laws protects the creations of the mind, which have both a moral and a commercial value. It grants the author/owner of an intellectual creation exclusive rights for exploiting and benefiting from their creation. Piracy, counterfeiting and the theft of intellectual property assets pose a serious threat to all businesses as they face unfair competition in domestic and abroad markets as they face legal, health and safety risks from the threat of counterfeit goods entering their supply chains. Thus, protecting the intellectual property is crucial to the success of any business. Intellectual property consists of items that you have created that are unique and provide with an economic benefit. Intellectual property includes inventions, designs, original works of authorship and trade secrets. With the ever-increasing ease in which information can spread, it is becoming harder to secure intellectual property or product ideas and ensure they are not unfairly recreated or produced by someone else. Whether you are running a small start-up or a multinational organisation, taking steps to protect your intellectual property should be a priority within your business. If a company is coming up with a unique brand name, logo, great idea, design or invention, it should ensure that no one else has the right to take that product and claim it as their own. Intellectual property is protected and governed by various national and international laws, depending on where the idea was created, what the idea is and many other determining factors.