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Intellectual Property Rights contributes enormously to individual state and national development. Intellectual property rights are like any other property rights. They allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation. Intellectual property was first recognized in the Paris Convention for the protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886). Both treaties are administered by the World Intellectual Property Organization. The concept of intellectual property rights is related to the fact that certain products of human intellect should be afforded the same protective rights that apply to physical property, which are called tangible assets. The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goods. To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time. This gives economic incentive for their creation, because it allows people to profit from the information and intellectual goods they create. These economic incentives are expected to stimulate innovation and contribute to the technological and other progress of countries, which depends on the extend protection granted to innovators. This focuses on importance of Intellectual Property Rights in various sectors like education, business, innovation, social, humanities and other.