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 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.