Intellectual property is a category of property that includes intangible creations of the human intellect. The most well-known types are as follows.
a] Copyright:
Most of you might know copyright. If I created a song with my lyrics and voice then I can copyright it, and no one can use it for commercial purposes without my permission.
If anyone wants to use your music then he needs to pay you first. You can create your Videos, Music, Album and can generate passive Income by making copyright on them.
b] Patents:
If you invented any new technology or any thing which society needs, you can make a Patent for that. And as many people or companies will use your patent, you can make money from them.
c] Trade Mark:
A trademark can be any word, phrase, symbol, design, or combination of these things that identifies your products or services. It’s how customers recognize you in the marketplace and distinguish you from your competitors.
d] Trade Secret:
Big companies make Trade Secret for their products such as Coca-Cola, etc. The formula of making Coca-Cola is a Trade Secret. And you can make money from that.
So, these are the Intellectual Assets from which you can generate income.
