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For the sake of clarity, this discussion will focus only on American laws related to this topic, i.e., intellectual property recognized under United States law includes patents, copyrights, trademarks, and trade secrets.
An intellectual property policy should aim to: maintain an environment where disclosure of creations, inventions, and discoveries is encouraged in order to achieve the greatest public benefit. protect the IP rights of faculty, staff, other originators of IP, and the institution.
Intellectual property (IP) law provides legal protection for creative and innovative ideas. It includes things like inventions, art, designs, logos, brand names, and trade secrets. IP law gives creators control over their work and allows them to commercialise it.
Rights. Intellectual property rights include patents, copyright, industrial design rights, trademarks, plant variety rights, trade dress, geographical indications, and in some jurisdictions trade secrets.
At a high level, a university intellectual property policy is a formalized document which establishes and clarifies ownership rights, as well as usage, monetization, and management of IP that has been created by students, faculty, and others associated with the university.
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The purpose of the Intellectual Property Policy is to foster the creation and dissemination of knowledge and to provide certainty in individual and institutional rights associated with ownership and with the distribution of benefits that may be derived from the creation of Intellectual Property.

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