An IP Audit is necessary for any type of company that has any intellectual property assets. Intellectual property refers to those intangible assets which are creations of the mind, such as trademarks, copyrights, and musical or artistic works. When a company acquires these assets, or a set of assets from another company, it is important that they create an audit to assess all their IP Assets and be able to account for them. More importantly, you need an IP audit in order to manage all your IP assets - so you can find out which of your IP assets aren't being used properly, which affects your business and also how you can use these assets to improve your company. So, to begin and get your IP audit off the ground, let's look at the basic steps needed for your own IP Audit.
Identification
First, you must identify all the IP assets to be audited. Make a list of what you have. Companies like pharmaceuticals, health companies, music companies, food companies (as recipes can be a type of IP) and tech companies have a lot of IP assets, so be very thorough. Search the records for any missing assets you haven't accounted for. Identifying them will help you determine who exactly owns them, what is their status (lapsed or not) and what steps you need to take to ensure they remain in your company's name.
Aside from actual, listed IP assets, there are other types of IP that you own that you may not realize or think of as IP. The company brand, logo, relationships, certifications, regulatory approvals, mailing lists, and your PR, advertising and marketing strategies are such types of IP.
Rating
Next, after' you've made a comprehensive list of what you own, you'll need to give each an importance rating and a value. The importance rating would depend on what you're company's priorities are. However, a good set of criteria would be: a) whether they are part of your company's core activities, the IP asset's life expectancy, and how exclusive this IP is to your company.
Values in actual dollar amounts may be more difficult to determine. However, a good way would be to determine a set time (2, 5 or 10 years, depending on your business plan) and try to determine how much money that IP will generate for your company and how much would it cost to replace such IP asset.
When you make such determinations and assessments, you'll be able to make better decisions for your company. For example, if someone was infringing on your IP, what steps should you take to stop it (and if it's worth it at all.) You'll be able to put your resources to better use, and generate maximum profit for your company.
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