Intellectual Property (IP) Audits – a great way to understand better the IP which sits in your business…

14 February, 2019

Amir Zukanovic © 123rf.com

All businesses create, own or license some form of intellectual property (IP), whether they know it or not. The term itself covers a wide variety of rights including copyright, trade marks, design rights and patents, to name a few. It is often misunderstood, but IP can be one of the most important assets a business owns and/or uses.

An IP Audit enables a business to take a snapshot of itself with regard to the IP it creates, owns and/or licenses.  It helps a business identify what, where and how it uses IP and identifies what risks (if any) may be posed to the business in respect of such IP.  It will also suggest improvements the business can make both in terms of policies and procedures.

We recommend IP Audits are performed regularly and periodically as no successful business stands still and so its IP will change and evolve with it over time.   IP Audits need not be large scale but can be limited to a particular asset which the business has concerns or questions over.    

There are many advantages to carrying out an IP Audit.  For more information on IP Audits and to give you an idea of what is involved please see our 1 page infographic here https://www.cripps.co.uk/wp-content/uploads/2019/01/Infographic-Intellectual-Property-Audits.pdf.

Should you be interested in having an IP Audit carried out please contact Phil Bilney at phil.bilney@crippspg.co.uk or on +44 (0)1732 224 046.

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