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Intellectual Property Audit

Intellectual property audit in new york

Intellectual Assets

The Intellectual Assets of a business consists of the ‘Intellectual Property’ and ‘Know How’ (Practical information resulting from experience and testing) held by any entity. These assets need to be audited known as IP Audit.

In addition to the intellectual property business might also hold trade secrets and other types of ‘Undisclosed Information’ which have a commercial value.

TRIPS- Trade Related Intellectual Property Rights. Recognizes the following types of assets as potentially relating to your business.

  • Copyright neighbouring/related rights
  • Industrial Property

  o    Trademarks, including service marks

  o    Geographical indications

  o    Patents

  o    Industrial designs

  o    Undisclosed information, including trade secrets

  • Layout-designs (topographies) of integrated circuits

Intellectual Property Management – Each service or product of your business should have its own individual intellectual assets plan too. This plan will be identifying what actions need to be undertaken to manage the intellectual assets generated or needed to be accessed. It will differentiate your new or improved service or product within the commercial marketplace.

Furthermore, in order for you to be able to articulate an intellectual asset strategy as part of your overall business plan you have to first identify the commercial directions. With these kinds of directions and sufficient clarity in business can have clear framework for decision making.

Intellectual Assets key facts

  • Set of intangible assets or assets that are not physical in nature.  
  • Ownership of IP is legally protected by a person or company from outside use and implementation without consent. 
  • Property of Intellectual kind can consist of many types of assets Including Trademarks, Patents, Copyrights and Domain names.

Intellectual Property Audit

An Intellectual Property audit is a company’s systematic evaluation of company’s intellectual properties that it owns, uses or acquire in order to assess and manage risk, solve problem and adopt best practices in intellectual property asset management.  An IP audit is now an essential tool for successfully managing knowledge driven businesses by assisting in creating or revising their IP strategy. Furthermore, a rigorous IP audit examines business’ essential intellectual property assets. And it’s intellectual property related policies, procedure, agreements, and competitors’ intellectual properties. 

Businesses with advance intellectual property understanding can begin discussions by surveying their intellectual property portfolio and competitive position in the business environment, followed by a more focused analysis of intellectual property challenges and concerns. The most comprehensive IP audit include examination of the monetary value of intellectual property assets as well as specific suggestion and protocols. This audit can be broad in scope or specific to a single event or kind of intellectual property. 

intellectual assets in new york
intellectual audit in new york

Importance of Intellectual Property Audit

Being specialized at IP audit BarronMoose can help businesses, companies and organizations lead toward the ultimate path of success in the following ways:

  • It helps in identifying what IP is owned – Intellectual property is undeniably a critical component of all businesses which necessitates proper management. This kind of audit educates a business about intellectual property assets it owns. Allowing the company to make informed decisions of intellectual property protection, development and licensing.
  • Intellectual audits help in identifying new profit opportunities –  It has the potential to open new commercial opportunities for brands and enterprises in domestic and international markets through intellectual property licenses. They also provide beneficial results in monitoring competitors’ intellectual property in the market.
  • Audits help in preventing costly disputes– Intellectual property litigation is both difficult and expensive and the unfortunate reality is startups and business must sometimes forego litigation even having winnable and meritorious claims. Successful IP audit can assist businesses in anticipating potential issues and implementing effective avoidance actions.

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