National and international laws and conventions acknowledge the outcome of intellectual efforts as an intellectual property which allows certain intangible assets to be protected.
Through the effective use of intellectual property rights, small and medium-sized businesses are able to compete with larger businesses. Intellectual property increases the potential of small and medium-sized businesses in terms of legal protection, technical information and competitive advantage.
Furthermore, all efforts made and results achieved by a business in innovation, research and development may be copied, or even counterfeited by competitors if the findings are not protected.
Intellectual property consists of 2 parts:
industrial property (patents, trademarks, drawings and models);
copyright and related rights.