Your business is managing what’s inside your business – its intangible assets. Everyday your business either uses or produces IP. It’s your most valuable asset and it’s also an asset you’re business is most likely not using to its fullest money-making potential.
Managing and making money licensing your business IP is a strategy to grow your business from the inside out. It’s a flexible asset that can grow your business in ways you never thought of. The key is stepping back and opening your mind to new possibilities.
The first step is figuring out what’s inside your business. The sheer diversity of IP and circumstances surrounding its creation and use, makes it difficult for you to keep track of all your IP assets. An IP audit will remedy this. It’s basically an inventory of your IP assets.
What will an IP audit uncover? You’ll look inside your business and find all your IP assets, such as patents, brands, trade secrets, designs, manuals, and know-how. You’ll figure out which parts of your IP are profitable, what’s not being used, and even obsolete IP. You’ll also uncover potential IP issues, show any competitive threats, and make better informed decisions to improve your profitability.
The IP audit helps you find new opportunities for your business. In 2014, the UK conducted an IP Audit study of small and mid size business. The results showed over 40% of the companies identified new business opportunities, and one-third reported increasing their revenues. In addition, about 20% reported securing new financing as a result of the IP Audit.
The IP Audit is a tool that helps you find, organize and manage what’s inside your business. It saves you time, money and resources by enabling you to make better strategic decisions to grow your business. You’ll find new ways to create revenue streams from licensing, joint ventures, R&D sharing or distribution into new markets.