7.

Intellectual property refers to creations of the mind: inventions; literary and artistic works;
and symbols, names and images used in commerce. Intellectual property is divided into two
categories: Industrial Property includes patents for inventions, trademarks, industrial designs
and geographical indications.
8. Patents: protect functional expressions of an idea not the idea itself. A machines,
method/process, manufacture, compositions of matter, and improvements of any of these items
can be patented. Thus, I can patent a design for the nozzle on a rocket, or the method of
making the rocket, or the method of making the rocket fuel, or the metal in which the rocket fuel
is stored, or a new way of transporting the rocket fuel to the rocket. But I cannot patent the
broad idea of a rocket.

Copyrights: protect the specific creative expression of an idea through any medium of
artistic/creative expression i.e., paintings, photographs, sculpture, writings, software,
etc. A copyright protects your painting of a haystack, but it would not prohibit another
painter from expressing their artistry or viewpoint by also painting a haystack. Likewise,
while Ian Fleming was able to receive a copyright on his particular expression of the idea
of a secret agent (i.e., a debonair English secret agent), he could not prevent Rich
Wilkes from receiving a copyright on his expression of the idea of a secret agent (i.e., a
tattooed bald extreme athlete turned reluctant secret agent).

Trademarks: protect any symbol that indicates the source or origin of the goods or
services to which it is affixed. While a trademark can be extremely valuable to its owner,
the ultimate purpose of a trademark is to protect consumers that is, the function of a
trademark is to inform the consumer where the goods or services originate. The
consumer, knowing the origin of the goods, can make purchasing decisions based on
prior knowledge, reputation or marketing.
9. Licensing can monetize intellectual property that you have already created. With a license
agreement, you can trade the use of your intellectual property, but not ownership, for money
ideally, via multiple revenue streams flowing from non-competitors that offer a complimentary
skill set, such as faster or less expensive market penetration.
More specifically, a license is a permission. The permission allows a licensee to do
something that he couldnt do lawfully otherwise.