Intellectual property is protected by a variety of IP rights. Common IP rights include patents (grill tongs), trademarks (“I’m lovin it.”), copyrights (The Hunger Games) and trade secrets (Google search algorithm). Familiarity with the various types of IP rights is essential for business owners. When you know how to identify your business’ IP and understand how to secure and leverage your IP rights, you quickly realize that your business has more to offer (and more to lose) than you could have possibly imagined. Your business’ IP is its progress, its profit and its prestige.