Introduction
Any discussion about intellectual property commercialization naturally begins with an overview of intellectual property. Widespread use of the term “intellectual property” dates back only to the latter part of the twentieth century and generally refers to patents (inventions of tangible things), trademarks (names or symbols that identify the source of a good or service), copyrights (works of authorship and artistic expression such as books, music and software) and trade secrets (information that derives value from its confidential nature). More recently, definitions of intellectual property have been expanded to include internet domain names, rights in know-how, rights of personality, publicity and privacy, data and other proprietary rights. At a high level, intellectual property consists of tangible embodiments of the ideas, creations and developments of the mind, but unlike tangible assets, the tangible intellectual property asset itself (e.g., the patented invention, trademark or copyrighted material) exists independently of the associated rights in that particular intellectual property asset (e.g., the right to practice the patent, the right to brand a product with the trademark or the right to copy or reproduce the copyrighted work). Understanding this distinction and the various legal rules and frameworks that apply to different forms of intellectual property is essential to understanding the various ways intellectual property and rights in intellectual property can be commercialized.