Does Your Business Need an IP Audit?
An IP audit is a stock take of all of your intellectual property assets and issues. It is essential if you are preparing your business for sale or investment. The goal is to find the hidden IP riches AND the lurking IP problems before the lawyers for the other side do when they are sent in to conduct due diligence for the potential buyer or investor. By that point, it's too late to secure your IP assets as registered rights, close gaps, extend protection, and so forth.
The other key benefit of an IP audit is to ensure your business owns the vital intellectual property assets it relies on every day. Unfortunately, the vast majority of businesses accrue mainly 'Dirty IP', which no potential buyer or investor wants to inherit. There are only three ways to own IP and an IP audit will determine if each and every asset is legally owned (in most cases paying the invoices does not secure ownership).
To determine if you need an IP audit, the questions to ask are:
- Do you have clear title to the IP you have commissioned, including software/apps, content, manuals, inventions and innovations, and more...?
- Are your business' trade marks, designs, patentable material, trade secrets strongly protected?
- Do you have the right contracts in place...?
An IP audit can add significant value to your business and give you different negotiating power than before when the assets were not articulated or protected.
Typically, 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 IP asset registers for your main IP types (generally trade marks and copyright), the primary adverse issues, and a list of recommendations and suggested fixes
- Fixes: Actions to rectify any issues revealed.
To request an IP audit quote, please click complete this form: