Meaning – The term own, refers to the act of having possession of an item, design or software, process, data, etc.
The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways. To acquire property one can purchase it with money, trade it for other property, win it in a bet, receive it as a gift, inherit it, find it, receive it as damages, earn it by doing work or performing services, make it, or homestead it. One of the types of ownership, especially when it comes to a business or running a product-based company, is intellectual property (IP).
Example of usage – “Intellectual property (IP) refers to a legal entitlement that sometimes attaches to the expressed form of an idea, or to some other intangible subject matter. This legal entitlement generally enables its holder to exercise exclusive rights of use in relation to the subject matter of the IP.”