Some of the most burning questions we get asked is about our process of IP Auditing. Extremely exciting, nuanced, specialised and strenuous, an IP Audit requires a business' entire portfolio of all assets and liabilities, along with processes, revenue etc., being mapped out. The organic consequence is that we end up deciphering how to grow revenue and the business.
Walk with me as I take you through the basics of our IP Audit process and the best ways to assess an IP Asset:
During and IP Audit or valuation we systematically review the Properties acquired by you or your business so as to gauge and manage the risk, remedy challenges and adopt the best practices for your business. This is also known as IP Asset management.
We aim to decipher the following tasks when we perform an IP Audit:
Identify existing and potential assets: At times you may be using a property but not be completely sure whether it is an IP and what kind. Or you may be at the cusp of creating one but only reach there with guidance. That is where an IP Audit helps. It helps to identify your asset and thus in mapping the road ahead.
Identify coverage and gaps in protecting IP Assets: The most important after identification of the IP itself is due diligence. In order to strategise for the long term, you should be sure that your property is safe and secure, and its value is growing and appreciating.
Identify Ownership of the IP Assets: Intangible assets, especially Intellectual ones can be tricky to gauge ownership, possession and rights of usage and enjoyment. Unlike traditional properties, IP can be a tad confusing which makes it even more important to clearly decipher its ownership and use, for eg: when can it be publicly used, how much time one owns it, is it transferable between people and/or properties etc.
Uncover unused assets depreciating your business: The cumulative value of your business is the worth of all your assets combined. If an assets begins to drain out money, so will the value of your entire operation. This could affect your network, net worth and more.
Uncover unused assets that could appreciate your business and ways to do so: Not recognising and monetising your asset is leaving money on the table. Information is king and hence you're better off knowing of an asset that could generate more or a fresh steam of revenue, rather than the alternative.
Third Party Assets and Risks: Legal contracts are written with a view that parties should never have to go to a court. Similarly IP Audits are done with the aim that the business should never have to go to court, neither to demand nor defend its ownership. Risk Assessment including Third-Party searches, especially using field specific algorithms, could save you a lot of time and money in the future.
IP Audit is a fairly straight forward and defined process, and a necessary one in the new age of business. It may be voluminous and time consuming but, worth to stay informed and ahead of the curve.
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