Intellectual property is an intangible asset owned by a person or company.
Intellectual property includes trademarks, copyrights, patents, industrial designs, tradesecrets or just unique ideas.
IPR or Intellectual Property Rights affirm that a unique concept or idea created by human intellect should have protective rights to avoid unallowed duplication (same as physical property).
Developed and developing economies consider IPR as a most important factor in human progress.
In practical terms IPRs give huge competitive advantage to any business.