Lets start with my basic opinion: Information Technology [IT] is not the business, it is an enabler. That being said, there are businesses where Information Technology is the prime area of the business (Google, Microsoft, Sun, SunGard, etc), but the business process is different for each and the intellectual property is what is valuable.
Intellectual Property [IP] is what a business owns (copyrights, patents, etc.) that makes it valuable. We in IT are not commonly aware of the IP of our business so we are not always aware of what drives or makes up the business.
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