Review your IP
Intellectual Property (IP) can add up to a substantial percentage of your company's total value and it is essential that you account for it. In an innovative and dynamic business, the value of IP can be much greater than the value of physical assets. Regular inventory maintenance should consider the IP on the asset register.
An IP review enables you to capture and analyse information so informed and considered decisions can be made about your business. Furthermore, it may uncover potential risks to your business that could ultimately result in costly legal proceedings with employees or third parties.
The diversity of types of IP and the circumstances surrounding its creation often makes it difficult for a company to be aware of the full extent of its IP.
This makes regularly reviewing your IP, just like your business and/or financial status, good business practice.
Establish your rights
By reviewing your IP, you can establish:
- whether you own the IP in your business
- and if you do not own it, whether you have adequate rights over it
- whether adequate steps have been taken to protect the IP in relation to your staff and contractors
- whether there are any restrictions affecting your ability to freely use the IP, such as joint ownership
- the dollar value on your IP assets.
Last Updated: 20/3/2014