Intellectual property rights are the rights given to persons over the creations of their minds such as Inventions, Symbols, Names, and Images which are used in business and commerce. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.
These are protected By law for example Patents, Copyrights, Trademark, and Trade Secrets.
An entrepreneur wants to use his intellectual property for specialization. He has to get it registered and pay the government fee but the government reimburses the fee to MSMEs.