||Intellectual property (IP) represents the property of an individual's mind, intellect, and proprietary knowledge. There are a number of means of protecting IP, including patents, copyright and trademarks. Creating IP does not necessarily mean an individual own the rights to use it, as most forms require individuals to take formal steps to register their IP and obtain the legal rights of ownership (both in Australia and internationally). This unit covers aspects including the concept of IP, how to identify and protect it in a local and international context, creating the conditions to encourage and leverage IP in a commercial context, how to manage a portfolio of IP, and enforcement scenarios. The unit concentrates on how to utilise IP to create, control and exchange value, with particular attention paid to the practice of open innovation.