An Intellectual Property audit can help you identify the key IP in your business and show you the best way of protecting it. Once these assets are identified and protected they can be used as business collateral and may attract revenue streams in their own right through sales and licensing.
We can work with you to identify these key elements and also give you an insight as to how to protect other assets that you may create as the business develops. It is often critical to do this in a timely manner as some types of IP protection cannot be put in place retrospectively.
The Intellectual Property in a business can be put into one or more categories. Some IP may be capable of being protected in more than one way. We can work with you to identify and classify your IP. The main forms of IP are;
- Patents
- Registered Designs
- Trade Marks
- Copyright
- Trade Secrets and Know-How
Click this link to find out more about the different types of Intellectual Property and how to protect them.
We can carry out an Introductory IP Audit for you - Click here to find out more >>
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The Need for an IP Audit
The purpose of an IP Audit is to establish what Intellectual Property is owned by the business and whether the appropriate steps have been taken to protect the IP. It is also important to establish what IP is being used by the business and whether it has a formal right to use that IP. An Introductory Intellectual Property Audit is the start of the process of getting the business IP under control.
Over time companies can develop IP that has never been formerly recorded and in this age of easy access to information it is easy to import IP from many sources often without being aware of its true ownership. In both cases the company can be vulnerable if it has developed products and services based on IP that it does not own or that it cannot prove that it owns. If the ownership of the IP is challenged by a competitor it could be difficult and expensive to mount a defence without the right records being in place.
The Starting Point for an Audit
The first stage of the Audit is therefore to collect all the formal documentation that exists about the company's IP. This includes all patents, registered designs, and registered trade marks. The company also needs to record any critical documents such as brochures, manuals, and product descriptions that are reliant on copyright to protect against copying by rivals and competitors.
In addition to the above, the company Know-How should be protected by contracts and non-disclosure agreements with employees, suppliers and sub-contractors. It is particularly important to ensure that the IP in any work done for the company by outside contractors is assigned to the company on completion of the work. For example the design of a new Logo or product packaging could remain with the contractor that produced it, leaving the company vulnerable.
Whilst employees cannot easily be prevented from moving to a competitor they can have it formally recorded in their contract of employment that they are not permitted to utilise any of the company’s IP that they may have acquired during their employment.
The company should have a set of standard documents covering these issues of confidentiality and non-disclosure and these should be reviewed periodically to ensure that they continue to meet the business’ needs
A Product and Services IP Review
The next stage is to review the products and services provided by the company to establish just which of them are covered by the companies IP. If IP is not being used then consideration could be given to disposing of it or licensing it to third parties. If critical products and services are unprotected then urgent consideration should be given to the best way to protect the company’s IP rights. Patents can only apply to ideas that are not in the public domain and therefore it is almost impossible to apply for a patent after a product has been put on the market (in the
Brand Names and Trade Marks
The business may be reliant on one or more brand names for its products and services. For a service based business the goodwill associated with the brand name may be the only real asset that the company has. It is therefore vital that the same policies of protection and infringement checking are put in place before the business spends money on a brand that it does not own or cannot protect. Registered Trade Marks are not expensive or difficult to acquire provided some simple rules are followed and they can be a powerful asset and defence against competitors.
Educating Employees about the Importance of Intellectual Property
The company’s IP strategy should be underpinned by a careful programme of education for its employees to make sure that they are encouraged to register any new ideas and developments. They can also be made aware of the dangers of importing ideas from outside the company without first checking to see if they can be used. Just because an idea appears in a trade journal or leaned paper doesn’t mean it is free to use.
To preserve this position going forward it is important to have procedures in place to cover everything from new idea registration and patent protection, through application of trade marks, to contracts and agreements with contractors and employees. These procedures should be reviewed periodically to make sure that they continue to serve the Intellectual Property needs of the business.
Summary
With these measures in place the business will have a much more robust view of its IP assets and their true worth and can make sure that its future developments and strategies are based on firm foundations. Download our Brochure for more in formation about our Service. Click here to find out how to get in touch with us.