Do You Need an Intellectual Property Audit?

“Ideas must work through the brains and arms of men, or they are no better than dreams.” (Ralph Waldo Emerson,1803-1882).

An IP Audit is simply an exercise whereby the Intellectual property (“IP”) owned and/ or used by a company is identified and logged and any missing items or missed opportunities are identified. It is about ensuring the company has concrete valuable rights rather than simply ideas and dreams.

IP is, by its very nature, a product of the human intellect and so harder to identify than tangible property, such as buildings or physical property. Too many businesses therefore rely on tangible assets, ignoring or not understanding the value of the IP it has created in its business whether it be a business plan, business name, brand or product name, logo, domain name or website...