IP Audit
Understanding what intellectual property your business owns or would own (if you're just starting your venture) is the first step in an IP Audit.
The next step is to determine what steps need to be taken to ensure the asset is properly protected.
Most businesses generate more intellectual property than they realise. However, if they don't take the right steps early on, they might find that they don't own the resulting intellectual property even though it was originally their idea that resulted in its creation.
A brand name, a logo, a product design, a piece of software, proprietary processes, customer data — all of these can represent significant value. An IP audit helps you identify what you have, assess how well it is protected, and prioritise the steps needed to secure it.
What an IP Audit Covers
Intellectual property encompasses a range of rights including trademarks, copyright, designs, patents and confidential information. An audit looks across all of these to give you a clear picture of:
- What IP assets your business owns or uses
- Whether ownership is correctly established — particularly important where freelancers, agencies or co-founders have been involved in creating assets
- Where gaps in protection exist and what the risks are
- What steps to take to strengthen your position
When an IP Audit is Useful
An audit is always valuable, and particularly so when you are:
- Starting or rebranding a business and want to build on solid foundations
- Preparing to sell, licence or invest in your business
- Bringing on investors or going through due diligence
- Reviewing contracts with suppliers, agencies or employees
- Simply taking stock after a period of growth
Our Approach
As we think an IP audit is important for every business we include a mini IP audit in our higher priced trademark registration services. Our approach is practical, plain-English and avoids unnecessary complexity. You will come away with a clear understanding of what needs attention and how to tackle it moving forwards
What's next?
For further help:
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