Intellectual Property is an important element of your organization’s bottom line. For this reason, you ought to have IP audits regularly conducted by a reputable firm.
Essentially, we will carry out a systematic review of your organization’s Intellectual Property assets as well as related opportunities and risks. Audits can help; evaluate, preserve and improve IP assets; correct any defects in Intellectual Property rights; make use of underutilized or unused IP; find out if your services or products may infringe another party’s Intellectual Property; or execute best practices for Intellectual Property asset management.
In the era where Intellectual Property and creations of the human mind play a stellar role in determining the monetary condition of any corporate or small entity or Individual player, it is imperative that the face value of the Intellectual property rights created by any organization or individual is well known to them so that, it can come in handy while making decisions related to transfer of their IP rights to other parties for monetary gains. It is of course quite a complex task of evaluating of IP assets when compared to physical assets like machinery etc. ( movable) or immovable (building, land etc.) which have quite standard and well established procedures of evaluating their value based on market values etc. Unlike the Conventional assets, the IPR assets which are highly specialized and unique in nature, need to be assessed using various different parameters to ascertain their intrinsic value and projected monetary gains in case if efforts like licensing and commercialization are to be ventured.
Bizrights IP has the capacity to carry out audits on your company’s IP assets, regardless of its Geographical location. The audits can either be specialized or general purpose in nature. IP Assets built over a period of a Corporate entity or individual, needs to be periodically audited as to how they stand in terms of returns, giving challenges to competitors etc. by not allowing them leverage to enter into the market for a particular product / process etc. Thus many strategical inferences can be found by performing suitable IP Audits. Performing of IP Audits at appropriate time, gives an idea to any organization to make strategic business decisions based upon their IPR’s. Sometimes, IPR assets, which have been created long back, may turn out to be an unwanted baggage due to non-performance of them and resulting in monetary losses by payment of annuities. Such IPR’s can be offloaded by the organizations as a result of meticulously performed IP audit giving adequate weightage to the returns gained by any IP asset. Hence, IP Audits, are quite indispensable nowadays for any organization / individual, having established or in the process of establishing an IPR base.
WHY IS IT IMPORTANT TO CARRY OUT IP AUDITS?
There are five main reasons why you should ask Bizrights IP to audit your IP assets:
- To identify the type and number of IP owned.
- To maximize on and facilitate business transactions.
- To preserve and improve the value of your IP.
- To spot potential challenges and prevent expensive disputes.
- To identify opportunities that can enable you profit from the assets.
When carrying out Intellectual Property audits, Bizrights IP may identify various kinds of valuable information such as:
- Valuable features of processes or products that could have been Patented, but no Patent was obtained.
- Lucrative opportunities for obtaining IP protection in new trade channels and markets.
- Defects in already-existing Patents that can be corrected.
- Royalty payment terms for Trademarks or Patents that have been mistakenly ignored.
- Employee agreements that are either deficient or missing, which your competitors can exploit to access confidential secrets.
- Configurations of products which ought to have been protected using Design Patents.
- Trademarks that are essential for the company’s identity which are inadequately protected for purposes of copying/ reproduction.
Effective Intellectual Property management usually plays a significant role in the overall success of your business.