Protecting and maximising the value of Intellectual Property
Unlike a brand name, a product or process that it might protect, Intellectual Property (IP) cannot be seen or held.
As a result, whilst often integral to the day-to-day success of a business, it isn’t unusual for either the value (or sometimes even the existence) of IP to be overlooked, until such time as a dispute arises, the IP is licensed or the business as a whole is sold.
When any of these scenarios occur, questions as to existence, ownership and enforceability of IP might then emerge.
These issues can sometimes be unravelled but the process can be time consuming, costly and uncertain. In some cases, if steps haven’t been taken to immediately protect the IP, any rights that might otherwise have existed, will be lost forever.
Where to start
There are a number of practical steps that can be taken to secure, protect and maximise the value of a business’ IP – whether through registration of existing unregistered rights, IP portfolio management, implementing procedures to ensure safe custody of business critical confidential information or knowing when an application for a patent or registered design should be made.
To understand which actions you need to take, you need to know what you are looking for.
This is where an IP audit, conducted by one of our IP team, comes in. An IP audit will enable us to:
- Understand your business – like any asset, IP is used to achieve a commercial advantage, and so a thorough understanding of your business is key.
- Identify the IP that is used or/and created by your business.
- Provide you with a written report summarising our findings, as well providing comprehensive advice on how best to protect and maximise the value of your IP.