A Design is a generic term which connotes a plan for creating an object, a development, a project or a system which cuts across several areas. A design typically sets out the specification or prototype for actualising the final output envisioned. In business valuation, a design falls under intangible assets because it can be identified and the potential economic benefits can be accurately measured separately from tangible assets. Intangible assets are a class of assets without physical form (such as a building) which generate economic benefits to the owners. Intellectual property rights are the mechanisms used by owners of a design or an associated prototype to maintain exclusive rights to all the economic benefits associated with ownership design including the right to license the software to third parties. Business valuation analysts apply techniques under the market, asset and income valuation methods to estimate the fair market value of a design.