An IP audit is a great way of getting a handle on your IP position. They can help business owners to secure their assets while capturing future IP within a more robust framework, allowing them to get on with growing their businesses safe in the knowledge that their IP assets are accounted for and the inventions they generate will be secure.
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IP audits work by identifying a business’s existing IP, establishing who owns it, and then identifying any necessary or recommended steps to safeguard these rights more effectively.
First, we identify what IP rights you currently have. We will also advise on how these can be made more robust, for example by clearly establishing ownership, authorship and inventorship. Where relevant, we can then take actions to establish the correct ownership positions to help you monetise or commercialise your IP assets.
Secondly, we will work with you to identify any new IP that might be created, and which could also potentially be protected.
Thirdly, we can discuss with you what third party IP you may need to consider, and how the existence of other people’s rights could have an impact on your own.
Finally, we analyse your portfolio, mapping strengths and weaknesses. This can involve mapping commercial products, processes, names and domain names to existing IP rights. We can also future proof your portfolio by reviewing current practices and putting in place new procedures and agreements to help safeguard your current and future IP and the income streams that will depend on it.