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, which then in turn highlights possible gaps in protection and uncovers opportunities to strengthen your business. By reviewing your IP foresically, you can reduce risks to your business, unlock “hidden” value and make sure your most important assets are working for you.
Intellectual property is often one of the most valuable assets a business owns, but it is not always easy to identify or assess how well it is protected. An IP audit provides more clarity by reviewing every aspect of your intellectual property portfolio, including any patents, trade marks, registered and unregistered designs, etc. that you may own. The primary purpose is to understand what you have, whether it is adequately protected and how it supports 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 your 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. The more 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 extended into new product lines. 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 since it is vital to reduce the chances of infringing other business’s rights, that you are compliant with agreements as well as any undertakings you may have given to other parties. This all helps to prepare a business for investment, partnerships or sale. Investors and buyers often look for evidence that IP has been properly reviewed and protected.
Fundamentally, an IP audit is not just about checking paperwork. It is about taking stock, protecting what you already own and making sure your IP strategy is aligned with your business goals, both now and in the future.
