IP Audits

An IP audit is a health check for your intellectual property (IP). It helps identify the patents, trade marks, designs and any other intangible assets that you already own. This can highlight gaps in your protection and uncover opportunities to strengthen your business IP.

By reviewing your IP forensically, you can take immediate steps to minimise or eliminate the risks your business may currently be taking (even if innocently), discover ‘hidden’ value and make sure your most important assets are working properly for you.

Intellectual property is considered to be the most valuable asset a business can own, but tragically, many businesses pay it scant attention or neglect it altogether. Don’t fall into that trap.

An IP audit provides full clarity on your intellectual property portfolio. It is very important to be aware of what you own and where this can take you.

Unless you have a substantial business holding many IP records, an audit need not be a complex or time-consuming exercise. For any audit, the results will be measurable and in the long run the pay-off can be be big.

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IP Audit FAQs

The idea of an ‘IP audit’ may sound technical, but it is not. It is a practical review of your business’s intellectual property. Here are answers to the most common questions businesses ask about the audit process and what it cam deliver.

Audit Basics
Audit Outcomes
Your Next Steps

What is an IP audit?

An IP audit is a structured review of a business’s intellectual property from patents and trade marks to designs and copyright (and everything else in between) in order to fully lay out and analyse all of the legal protections that the business has in place.

Why would my business need one?

An audit will ensure that your valuable assets are properly protected. By understanding what you have, this will identify risks and gaps which you can subsequently remedy. If you don’t know what you have, you won’t be able to see what you are missing.

What areas of IP are reviewed?

The most common IP areas for review are patents, trade marks and designs, but a business can often have additional forms of IP including copyrighted works, domain names, know-how and trade secrets. For a business such as Coca Cola, for example, the ‘trade secret’ of the drink formula is priceless.

How often should an IP audit be carried out?

Most businesses will benefit from a review every few years or when they reach a key milestone such as a product launch, an expansion or approach of an investment round.

Who carries out an IP audit?

Specialist intellectual property law firms usually conduct these audits.

Is an audit expensive?

The cost varies depending on the business size and the complexity of the records the business may keep, but this cost is usually modest when considering the value it may generate for the business in terms of reducing risks and unmasking new opportunities.

What will I gain from an IP audit?

You will get a clear picture of your business IP assets, receive recommendations for strengthening legal protection and learn strategies for making better commercial use of your rights.

Can an audit uncover new opportunities?

Yes, without a doubt. Many businesses discover untapped assets, such as unused trade marks that can be put to work or patents that could be licensed or expanded into new markets. At the very least, you may discover gaps in your IP protection that you can quickly plug, saving costs and aggravation that may have otherwise occurred in the future.

Does an audit reduce risk?

Quite possibly. For example, it can help prevent disputes by identifying potential infringements early and ensuring you are compliant with licences and agreements.

How does an IP audit help with investment?

Investors often ask for evidence of strong IP protection. Having an audit conducted will show that you take IP seriously. Following an audit, you can then put all your IP assets in order by taking account of all the recommended measures set out in the audit report. This increases investor confidence in your business because it shows that you are ‘switched on’. Many businesses neglect their IP, which can be self-defeating and costly.

Will an audit help with international expansion?

Yes, quite likely. It will highlight whether your rights are protected in territories you plan to enter and whether you may need to secure additional IP rights.

Is an audit useful for small businesses?

Very much so. Even small businesses rely on branding, at the very least. An audit ensures these assets are properly protected and used effectively. The registration of just a single trade mark (done correctly) can sometimes be the difference between success and failure.

When is the best time to arrange an IP audit?

The best time to do this is when you are planning to launch new products, enter new markets, seek investment or simply want to ensure your IP is in order. The earlier the better and the more regular the better.

What preparation is needed?

Gather all details of your products, services, trade marks, patents, designs, licences and any agreements involving IP that you may have. Your IP attorney will need all this information to conduct the audit, although they will be able to access some of this independently through public records.

How long does an audit take?

It depends on the size of your business. For smaller businesses the analysis may only take a few hours, while larger organisations may need a more detailed review.

Will the audit disrupt my business?

No. Most of the work is done by the IP attorney once they have all the information you have provided at the start of the exercise. You may need to answer some queries as the audit is being conducted, but the process should be minimally disruptive.

What happens after the audit?

You will receive a report with findings and recommendations, which may include a proposal for filing new applications, taking particular note of agreements or undertakings and general guidance on improving your IP management processes and record-keeping.

How do I start the process?

Contact an IP attorney or advisor to discuss your business needs. They can tailor an audit to focus on the areas most relevant to you. SH&P provide IP audits for all sizes of businesses.

Your business needs to understand what it has, whether it is adequately protected and how those assets support (or do not support) your commercial objectives.

With that information, you can then determine where you may need to strengthen in order to shore up your business profile and make the business more secure and viable.

This is also very important for businesses that have an exit strategy in mind with a view to selling out in the future.

Understand your intellectual property assets

The more intellectual property (IP) assets you have and the better the quality of those assets, the more attractive your business becomes to investors.

An audit will highlight any gaps in your protection. For example, you may be using certain trade marks in key markets but have not protected them there.

It can also identify areas where IP is underused, such as patents that could be licensed or trade mark rights that could be put to use for new product lines.

Identifying gaps in intellectual property portfolio

In many cases, an audit reveals opportunities to increase revenue and strengthen competitive advantage. The audit will also help you to understand and realise the IP that is important to you, what it covers and where you are protected.

Another important benefit of an IP audit is risk management; it is vital that you avoid infringing another business’s rights and that you are compliant with agreements as well as any undertakings you may have given to other parties.

An intellectual property audit can help increase revenue

This all helps to prepare a business for investment, joint venture partnerships, collaborations or sale. Investors and buyers often look for evidence that IP has been properly reviewed and protected.

An IP audit is not a simple paperwork check. It is far more than that. It is about taking stock of what you have, recommending protection for what you don’t have (but could need) and making sure your IP strategy is aligned with your business goals, both now and in the future.

Taking stock of an intellectual property portfolio

Request an IP audit from SH&P

An IP audit is a practical way to check the intellectual property that your business owns and how well it is protected. By asking SH&P to carry out an IP audit, you will get a clear picture of your trade marks, patents and designs. The audit will show if your rights are properly registered, if anything might be missing and if there are risks you should know about.

Instructing SH&P to conduct an IP audit is a smart move for any business. We will review your current IP, highlight any weak spots and suggest practical steps to strengthen your position. We are experienced in helping businesses of all sizes, from single person entities to global corporations. The benefits will speak for themselves in the long run.

What our clients say...

Richard Turner, and SH&P as a whole, have been instrumental in moving our business forward when it comes to intellectual property in every way. From understanding how to record IP, recognize it, and protect it, they have supported us all the way through complicated processes that we could not otherwise navigate!

Artemis Fragkopoulos | Founder | SLANT Sustainable Technologies

What our clients say...

At Captain Fawcett Ltd, we have now been working with SH&P for over a year and have been absolutely thrilled with the care and attention to detail we have been given. In particular, with the commitment and extra mile that Emma Kirkpatrick always goes. Her global expertise and ability to think strategically, no matter what market, has ensured our global IP requirements are always carefully considered and aligned with our internal business growth strategy. The combination of professionalism and friendliness they give us means they are a pleasure to work with and we look forward to continuing a long-standing fruitful relationship together.

Joanna Vital | Commercial Director | Captain Fawcett Ltd

What our clients say...

Robin Webster has been our trusted partner managing all trade marks since we launched PALMARÁE. As a start-up operating, and building IP, in multiple markets Robin has been crucial in helping us navigate the complicated landscape and localised challenges. The best in the business.

Olly Horner | Founder & Director | Spirit of the Oasis Limited

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