IP Audits & Strategy Planning
IP audits are becoming increasingly important to businesses to enable them to identify both strengths and weaknesses in their intellectual property protection and to provide for enhanced management of these valuable assets going forward.
An IP audit involves a systematic review of all intellectual property rights owned, used or acquired by a business. It will assess whether these rights can be strengthened in any way. Conversely, it will identify whether certain rights are being maintained despite being of little value to a business. It will also consider a strategy for identification, protection, exploitation and/or acquiring IP to assist in the future growth of the business. Any risk of infringement of third party rights will also be noted for further assessment.
An audit will require at least one detailed meeting with the relevant personnel within the business to obtain the background information required. We would then carry out any necessary checks into the company’s intellectual property rights and identify any potential risks of infringement. A report would be completed setting out the current state of the business’ IP portfolio, advising how the portfolio may be strengthened and best managed going forward, noting any risks from third party rights and providing recommended actions. We would also indicate time scales and costs for managing the portfolio and/or carrying out more detailed checks following on from the IP audit.
If you are interested in receiving an IP audit for your business, please do get in touch. The cost of performing such a review will depend upon the size and type of business and therefore will be determined following on from our discussion but will be an agreed fixed price prior to us undertaking the audit on your behalf.
Note that funding may be available through participation in the government funded Growth Accelerator Programme. For more information see http://www.ipo.gov.uk/ip4b-sme.pdf, the UKIPO publication, “From Ideas to Growth: Helping SMEs get value from their intellectual property”.
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