Meaning of the word "intellectual property" in English

What does "intellectual property" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

intellectual property

US /ˌɪn.təˈlɛk.tʃu.əl ˈprɑː.pər.ti/
UK /ˌɪn.təˈlɛk.tʃu.əl ˈprɒp.ə.ti/

Noun

creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce

Example:
Protecting intellectual property is crucial for innovation.
The company sued for infringement of its intellectual property rights.