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Intellectual Property (IP) in business refers to the creations of the mind that are legally protected. It includes things like patents for inventions, trademarks for brand names and logos, copyrights for original works of authorship, and trade secrets for confidential business information. IP is crucial for businesses because it helps protect their unique ideas and innovations, giving them a competitive edge and potentially generating revenue through licensing or sales. In essence, IP is all about safeguarding the intangible assets that contribute to a company's identity and success.