As a company becomes more established over time, it can develop multiple brands. There is research and development of these brands before creation. However, others develop without much planning. This is where IP audits can help. At Initiating Protection, we assist owners by helping them identify their brands as well as other intellectual property. From there, we can create strategies for businesses that help them enforce, protect, and enforce these assets.
How Does an IP Audit Work?
An IP audit does much more than assess the intellectual property you currently have. It corrects defects that appear in IP rights, identifies any infringement risks on other IPs, and creates best practices for asset management. In addition, a complete audit reviews not just a company’s IP, but that of its competitors as well. This can include a dilution analysis which is important to make sure your brands maintain their strength.
Typically, a lawyer or lar firm performs an audit. This is because the law defines intellectual property rights. As that lawyer will likely be new to the company, they will appoint a point person that understands IP concepts and the business’s technical aspects. Once the audit itself proceeds, there is a transfer of IP-related information, including contributions from staff members familiar with the company’s technology.
Types of IP Audits
There are three primary types of intellectual property audits that brands request. The first is general-purpose, which is the broadest form of an audit. New companies use this audit form the most. In addition, those who have not implemented IP procedures before also use this audit. Companies looking for new marketing approaches or reorganizations also opt for this audit form. Next, there is an event-driven audit. This assesses the value and risk of a brand’s IP assets. This version focuses on mergers and acquisitions or entering a public offering. Last is limited-purpose audits. With the narrowest focus of all audit types, it justifies the value or legal position of a particular IP asset.
Performing an audit of your brand’s intellectual property has a large number of benefits. First, it lets you have a complete list of owned assets, making it easier to identify anything obsolete. Next, it helps with the licensing aspect of asset management. Audits help you understand the IP that is most vital to your brand and those that are not, and made licensing decisions based on that information. Other advantages include third parties better understanding your IP for determining mergers with your business, and identifying how cost-effective it is to take action against potential infringements.
Call Us for IP Audits
Scheduling an audit of your intellectual property can be beneficial for your brand. It can help you identify potential problems and ensure that you won’t have issues when your IP is implemented. Initiating Protection performs audits at all levels, making sure your IP is protected. Call or e-mail us today to learn more about our solutions and how we can help you.