Nearly all companies have some sort of intellectual property that is essential to their success, whether these are patents, trademarks or copyrights. There are also instances where a company acquires the IP assets of another company and in such cases, an IP audit is necessary. This assures that your company keeps its eye on these valuable assets, maintains the necessary paperwork, and can make some profit off them if possible. But if you've never done this before, where do you start? How does one begin with an IP audit? Here are the basic steps you need to undertake.
First and foremost, you'll need a checklist, identifying all the IP your company has. Make an initial list, just to make sure you have a list of all assets. Do this is as soon as you can, as intellectual property rights usually have some sort of time limit. If it's just too much work, consider getting outside help, who know what to look for and what to do. Create this initial list, going through all the paperwork you have on hand. You can also check with the necessary government offices and associations. Later on, you can expand this list to include other details, such as the dates they were registered, the dates their corresponding fees need to be paid and when they expire. This will help you determine your time line for whatever next steps and actions need to be taken.
Next, you'll have to identify which ones of your IP you aren't using, and you can let go or make money through licensing. This ensures that you won't be wasting valuable time and money with upkeep, and that you can make the best use of your IP. For example, if you own the rights to a song, you can make it available for use in TV and movies. Or if you own the patent to a process, you can shop it around and see if any other company can use it for their purposes.
Lastly, it's time to take action. Once you've identified your assets, and determined which you can keep and which should go, you'll have to plan carefully to take the best course of action for your company. You'll have to set up some sort of management procedures, or assign someone to manage your intellectual property for you and your company, since your time is probably better spent on working on your business.
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