Intellectual Property means the right of the person and the specifics that the author, composer or any intellectual owner has for his work. Under this term it is understood that the right does not have the owner, but the right has the object to which the protection is granted. Intellectual property rights can also be defined as someone's ideas, inventions and creative inventions based on which there is a public will to assign property status. There are several types of intellectual property protection, some of which are ideas, patents, trademarks and the like. It is emphasized that intellectual property is a precondition for better identification, planning, commercialization, provision of services, protection of the invention and the others. Every industry should to develop its own intellectual property rights policy. In today's technological society, where the availability of everything that surrounds us and the availability of content on the Internet play important role in our lives, it can be said that people no longer have ideas and creativity, and they increasingly copy what they encounter by incorporating that into their creations. The literature generally refers to objects under which intellectual property protection was initiated. In the balance of successful companies, the share of intellectual property in the assets of the company amounts to over 80% of their assets. Such companies work with employees in leased offices, use leased vehicles and even office furniture in the lease of another company. The main resource of such a company is intellectual property. Intellectual property rights have become one of the most important issues in business negotiations. It is emphasized that intellectual property will have a very significant impact on developing countries. Developing countries have faced the challenges of optimizing restrictions on how to implement the WTO by minimizing socio-economic costs and maximizing national benefits. Developing countries noticed some of the following benefits, such as a reduction in customs duties on agricultural, clothing and other products when entering the Free Trade Agreement. Companies that protect their intellectual property use different tools and strategies, depending on their size and sector of activity. But there are companies that consider intellectual property to be cost-effective, meaning that its value is still not sufficiently recognized. Enterprises should pay attention to its strategic dimension that it provides for the enterprise. Intellectual property should be managed by educated and qualified personnel. Such management requires specific skills not only in legal aspects, but also in technical aspects, as well as intellectual property management itself. Although intellectual property rights help to convert goods, it can be said that monopoly can cause tensions between private and public property. If there is no proper balance between them, an exchange of ideas and information may be hindered. Also, the importance of intellectual property has been increasing in the academic community over the last few years, and this emphasis is put on wealth creation along with various academic researches that can be further used for various further research and conclusions, as well as encouraging students to write and research, and so they would be rewarded with a financial reward. Every work done by students is rewarded and every work is accompanied by a lot of attention and interest. It can be said that intellectual property becomes increasingly important in scientific research. Scientists are aware of their rights and are convinced that their research contributes to the public good.