Intellectual property, very generally, relates to the output, which result from intellectual activity in the industrial, scientific, literary and artistic fields. Traditionally intellectual property is divided into two branches:
1) Industrial Property
a)
b)
c)
d) Unfair competition (trade secrets)
e) Geographical indications (indications of source and appellations of origin)
2) Copyright
The protection of intellectual property is guaranteed through a variety of laws, which grant the creators of intellectual goods, and services certain time-limited rights to control the use made of their products. Those rights apply to the intellectual creation as such, and not to the physical object in which the work may be embodied.
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Established in 1950, the National Science Foundation is an independent agency of the U.S. government dedicated to the funding in basic research and education in a wide range of sciences and in mathematics and engineering. Today, the NSF supplies about one quarter of total federal support of basic scientific research at academic institutions.
For more detailed information see the Encyclopaedia Britannica: http://www.britannica.com/bcom/eb/article/0/0,5716,2450+1+2440,00.html