An Intellectual Property is an intangible asset which arises from human creation or innovation. Such assets grant the owners temporary monopoly rights under specific legal statutes. The broad groups of intellectual properties are trademarks, copyrights, mask works, patents, designs, and trade secrets. Intellectual properties qualify as intangible assets which can generate measurable value through competitive advantage or product differentiation. To qualify for valuation, an intangible asset must be recognisable. In addition, valuators should be able to accurately measure the expected economic benefits. Owners of intellectual property use intellectual property rights such as copyrights, patents, and registrations to appropriate all the potential economic benefits from their work. Business valuation analysts estimate the fair market value of intellectual properties by applying cost, market, and income methods.