Intellectual Property in the United States consists of patents, trademarks, and copyright. These can be valuable to entrepreneurs in a variety of ways such as helping develop and refine a product, providing protection for ideas, developing branding and marketing materials, and surveying competitors' activities.
Copyright provides intellectual property protection for intellectual works such as "literary, dramatic, musical, artistic, and certain other intellectual works". (United States Copyright Office, Copyright Basics) New works are protected for the life of the author plus 70 years.
Patents provide intellectual property protection for 20 years for inventions that are unique, useful, and non-obvious. In return for property rights, the inventor must provide detailed information about the invention in order "to promote the progress of science and useful arts" (U.S. Const. art. I, sec. 8).
Trademarks are a unique word or symbol that helps distinguish a product, company, or service. Trademarks are registered through the United States Patent and Trademark Office. The initial term is for 10 years, but they can be renewed.