Intellectual Property (IP) refers to a category of intangible intellectual resources that encompasses creations of the mind, including inventions, literary and artistic works, designs, symbols, names, and images utilized in commerce. Key types of IP include [[trademark|trademarks]], [[copyright|copyrights]], [[trade secret|trade secrets]], contracts/NDAs, and [[patent|patents]]. For startups, IP is important as it provides legal protection for their innovative ideas and products, helping to establish a competitive edge in the market.