Intellectual property rights can be used effectively to facilitate successful innovation. Innovative technologies stand a better chance of successfully reaching the marketplace if IP is used strategically. Several examples have been given of businesses that have profited by exploiting the role of IP in innovation. Intellectual property is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The most well-known types are copyrights, patents, trademarks, and trade secrets.The four types of intellectual property include: Trade Secrets, Trademarks., Copyrights, and. Patents. Strong and Enforced Intellectual Property Rights Protect Consumers and Families. Strong IP rights help consumers make an educated choice about the safety, reliability, and effectiveness of their purchases. Enforced IP rights ensure products are authentic, and of the high-quality that consumers recognize and expect.