The World Intellectual Property Organization (WIPO) defines Intellectual property (IP) as creations of the mind. Those are inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.
In the university context, it encapsulates ideas, knowledge and information produced during research projects, class projects, consultancies, collaborations and other knowledge generating activities. So IP is not limited to discoveries and inventions. It is also innovations, expertise, designs, literary and other artistic works, software, even phrases.