What is intellectual property and what significance does it hold in an organization?

What will be an ideal response?

Intellectual property is a bedrock of an organization's intellectual capital and comprises intangible assets such as music, written works, software, art, designs, movies, creative ideas, discoveries, inventions, and other expressions of the human mind. Most societies have developed a maze of copyright laws, patents, and legal statutes to protect intellectual property rights. These give the creator of the property the right to its commercial value. However, enforcing all these laws is nearly impossible when the IP is digitized. Also, many think it is not a very serious ethical violation to break IP laws when the material is digitized.