If you take stock of your product inventory on a regular basis, why wouldn’t you do the same for the intangible assets in your business? An audit of your intellectual property (IP) could reveal significant hidden value and untapped opportunities.
Why audit your intellectual property?
The key benefits include:
ensuring that the company’s assets, including branding, inventions, designs, methods, data, text and logos, have been protected in all relevant markets and for all relevant goods or services;
- developing a system and strategy for identifying, assessing and protecting such rights in the future;
- identifying any gaps in IP protection;
- reducing the costs of future IP enforcement actions, as stronger rights increase your chances of success;
- preventing competitors from stealing your good ideas, or even stopping you from using your own signs;
- identifying potential cost savings;
- profiting from licensing activity;
- helping to quantifying the value of IP in your business; and
- increasing your attractiveness to investors.
An IP audit invariably pays for itself many times over with the benefits that it delivers.