You know the importance of maximizing the return on investments in employees, products, and equipment. But you’re overlooking an important asset: your company’s intellectual property (IP), or all the intangible knowledge that makes your company tick.
It’s not just patents, trademarks and copyrights. Your IP assets go well beyond the technology that gets baked into your products to include branding, know-how, trade secrets, and more.
The rewards for getting a handle on your company IP assets could include new ways of differentiating your outfit from rivals; a competitive leg up on would-be contenders; a higher market valuation; and expanded opportunities for investment, partnerships, and M&As.
If You Don’t Know What You Have, How Can You Manage It?
You need to get a better sense of what IP you already hold and how to make it serve your business goals. The IP Audit will help you make sure every piece of IP you inventory provides clear value to your company’s strategic goals, so you don’t spend money on IP that isn’t worth protecting.
Here are some of the critical questions an IP audit can answer for your business:
- Should you treat a unique manufacturing process as a trade secret or a patentable process that could present an obstacle to competitors or earn you licensing revenue?
- Can you assess the value of your brand identity?
- Have your geniuses in inventory management figured out a way to shorten delivery times that need protection?
- Which specific pieces of IP offer strategic value to the company?
- What added IP would be necessary to carry out your strategy?
- Could you license unused IP to see some sort of return?
- Does a piece of IP — typically a patent, trade secret, or trademark — prevent a competitor from copying your products or from taking on your identity?
- Can you tie up a rival by patenting IP you currently don’t need, but that is critical to the competitor, and so block its efforts to get into your markets?
- Do you have a so much IP socked away that you could use it as a bargaining chip if you’re sued for infringement?
Avoid Two of the Most Costly Mistakes
An IP Audit will help you avoid two of the most costly mistakes:
- Losing control of your IP assets due to improper disclosures or unauthorized use
- Failing to manage and protect your IP assets early BEFORE infringement happens
Once someone steps on your IP rights, it’s very difficult and expensive for your attorney to scramble and get them fixed.
Contact Us Today for a No-Cost Consultation
Your IP assets are your most valuable business assets. Don’t wait until one of these situations happens to your business. Contact LCG today to learn more about how your company will benefit from an IP audit.