This second part of the book provides the basic concepts necessary to understand intellectual property dynamics and to manage intellectual property in organizations. This chapter introduces the innovation tree as a metaphor for intellectual property. Like seeds grow to saplings in a forest, ideas sprout and grow and mature in society. Old knowledge leads to growth of new ideas that can then be protected with IP rights. In time the new becomes old, and broadly accessible. The boundaries between protected and accessible knowledge are defined by laws which continue to change over time and differ from country to country. The next section is a guide to the different types of intellectual property – trade secrets, patents, copyright, trademarks, and other related rights – each of which has a different scope of protectable subject matter, scope of rights, rules for government registration (or not), duration, and legal basis. Each type of IP right interacts with others, and one type may convert to another. IP rights can be grouped into bundles, like groves of trees, and managed that way.