Intellectual property (IP) is often the first thing people think of when hearing about intangible assets. But it is just one part of the basket of intangibles. IP generally refers to an idea or concept that in some way has been protected from competition by law while also having clear commercial value for the owner. Governments are happy to protect IP since this is likely to encourage more innovation by ensuring that inventors benefit from their efforts and giving the companies a temporary competitive advantage. IP also factors into marketing and branding. When consumers see a familiar trademark or brand (both forms of IP), they will associate the company or product with a certain level of quality and reliability. IP is a key part of a company’s broader asset portfolio and adds both depth and value to a company’s overall worth, making it more attractive to investors and potential partners.