Your intellectual property is your most valuable business asset. It’s core to your future revenues, and you must keep track of it, especially if you are trying to license it or raise capital.
That’s why you need an IP audit. It creates an inventory of your IP assets and includes verifying the types of IP, registration status, where and how it’s being used, any outstanding issues, such as upcoming fee payments or pending litigation, and what legal or other issues must be fixed.
An IP audit is even more important for non-registered IP, such as trade secrets and professional know-how, as it is the only way to package and track your IP for licensing or sales.
If intellectual property is your only asset, it’s even more critical that you complete the IP due diligence process and prepare an IP audit report. When potential licensees, investors or an M&A partner is interested, you’re ready to give them the information they need to assess the risk, value, and ROI of the transaction.
The Benefits of an IP Audit
A recent survey of small and mid-size businesses in the UK found that over 80% benefited and took action with their IP as a result of the IP Audit:
- 85% increased their awareness of their IP value
- Over 30% identified new business opportunities
- 43% identified new licensing opportunities
- Almost 20% reported acquiring new customers
- About a third reported securing new equity and grant funding
- 70% reported refocusing their business strategy to prioritize their IP
- Over 87% would recommend the IP audit to other businesses
An IP Management Tool
The IP audit is also a strategic management tool for improving your business:
- Better use of your IP assets;
- Integrating IP into your overall business decisions;
- Capitalizing on new revenue opportunities;
- Increasing company value;
- Make informed decisions on what to do if your company’s IP is infringed.
IP Audit Consultation
Contact us at info@licensingcg.com to schedule a free consultation to discuss your IP audit requirements.