What does IP stand for?
It stands for Intellectual Property, and are things like trademarks, copyright, patents and industrial design.
Intellectual property (IP) is a term referring to creations of the intellect for which a monopoly is assigned to designated owners by law. Some common types of intellectual property rights (IPR) are trademarks, copyright, patents, industrial design rights, and in some jurisdictions trade secrets: all these cover music, literature, and other artistic works; discoveries and inventions; and words, phrases, symbols, and designs.
IP in this context stands for Intellectual Property.
Intellectual property is something unique that has been physically created. An idea alone is not intellectual property. However, a produced game does count.
The IP is anything that is subject to copyright, patents and trademarks. Developers/publishers get some types of protection automatically. Others require registering.
The following gives some examples of items that are considered IP:
- The plot to a video game
- Characters, including names and appearances
- The overall look and feel
- Sound and video
- The name of the game
- A game's engine
Often, IP and franchise/brand are interchangeable. For example, Nintendo may refer to Mario as IP, a franchise or a brand. I believe that is the case with the quote in the question.
Other sources:
US Policies on IP
UK Government Article
Wiki Article
Gamasutra Article
As a side note, IP is also used in gaming when referring to someone's IP address or the Internet Protocol.