What is an IP audit?
An IP audit is basically a stock take of all of your intellectual property assets and issues. It is particularly essential if you are preparing your business for sale or investment. The goal is to find the lurking IP problems before the lawyers for the other side when they are sent in to conduct due diligence. Of course, the other key benefit is simply ensuring your business owns the vital IP it relies on every day. Have you secured ownership of the bespoke and expensive software program you commission? Do you own all of your trade marks? And so on.
We take a fine tooth comb through your business and reveal trade marks, copyright, confidential information categories, and other IP rights, as applicable.
The IP audit process involves the following:
- Discovery – through a combination of questions, key person interviews, and a review of requested materials we shake out the hidden IP in your business
- Assessment – we then analyze whatever is revealed during discovery and sort it into assets and issues
- Report – a report is prepared that includes basic intellectual property registers for your main IP types (generally trade marks and copyright), what the primary issues are, and a list of recommendations and suggested fixes
- Fixes – where we can assist to rectify any issues revealed we will provide a quote, or alternatively suggest the services of trusted IP colleagues.
To request an IP audit quote, please click here.