An IP Audit is a systematic review of the IP assets owned, used or acquired by your business.
Its purpose is to uncover the under valued IP assets, to identify any threats to a company’s bottom line, and to enable our business strategists to devise informed strategies that will maintain and improve your business and its market position.
We believe in the changing nature of business fuelled by digital disruption it is more important than ever to build, protect and leverage your most valuable assets: your ideas.
The first steps in an IP audit are as follows:
For example, your customer list or database can be a competitive intangible asset you need to identify and protect. A secret recipe or a unique piece of software, or business technique also falls into this category. Likewise your logo, brand name and business name are important visible assets that can serve to protect, and leverage the intellectual property in your business.
As a starting point you can try to calculate how much time would be required to develop these assets from scratch, or estimate how much a competitor might pay for them.
Consider the Type of Protection Available
Once you have identified your IP assets, make sure you have appropriate IP protection. This may include a patent or trade mark, or less formal strategies such as trade secrets or patent.
Once the audit and valuation process is complete, you can look at your options to commercially exploit your IP.
Next step: from Audit to Strategy
The audit process will enable you to determine the following:
As qualified legal practitioners we can provide Vital strategy to leverage your best business ideas, for far greater growth.
Put your trust in us and get in touch for an obligation-free discussion around how we are able to assist you with your business Intellectual Property; don’t leave your valuable business assets vulnerable for any longer.