Some of the most burning questions we receive today are What do IP evaluators check when evaluating your IP and how can we increase the revenue potential of your business? We walk you through some of the basics...
An IP Asset is like any other Asset for a business. To maximize profitability certain factors need to be considered and optimized. What are the factors that IP Auditors to gauge the potential and value of your business assets?
Inventory - As with every other asset, more the merrier. Your asset is only as profitable as the ease of access you have, both in terms of money and time. This could mean that if you sell a software, how easily and swiftly you can customise it for the next customer. For a patent/design owner it could mean how many products you keep on hand. Inventory in IP is tricky and may not look the same for every asset, but the basic principle to gauge value is to how easily you can get it ready for use.
Ownership - Your IP should be clearly yours or its value depreciates. If you cannot demonstrate the Chain of Title of your IP or cannot clearly prove ownership on paper via contacts or registration, your IP loses its value and you the power to leverage. It is always a good idea to play safe when in comes to big money-making assets and have everything on paper and have undeniable ownership or rights to use.
Market Research / Third Party IP - It is crucial to investigate whether you are potentially infringing some one else’s IP. Third Party IP could prove to be bedsore in your journey to success. So many clients in the past made the mistake of reaching out to us only after they are served a C&D notice from a big company. Sometimes they end up paying fines and losing share of their market. All because they did not do the market research and/or did not get their property evaluated before.
IP Valuation - This is the actual potential value of your IP and could be based on a number of factors including sale, liquidity generation, reach, ease of business etc. {We wrote a detailed analysis of IP Valuation. Please read here}
Law and Policies around your IP - IP policies are rapidly changing. What may have made you 100 rupees yesterday, could make you 150 today. Make sure that you IP asset is in line with the latest policies and that you are taking maximum advantage of the changing market and the changing times.
It Is fairly simple to identify a money-making proposition and put to best use once you understand what you are looking for and how to use it. IP is one such asset. If you can understand how to generate easy IP and/or make the best use of you existing IP, you will grow your revenue ten-folds.
Read our recurring series on maximising IP value and revenue.
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