Protect your brand and business with an IP Audit

Every business generates intellectual
property rights, or IP for short, more often than not most businesses will be
unaware of the extent of their ownership of IP rights – which can be problematic
for the business. We offer an IP Audit service which looks at a business’s IP,
the rights that they own and what they can and can’t protect – both in the UK and
overseas. If your business has recently rebranded
or is thinking about it, has raised investment or is looking for investment,
is thinking about selling or perhaps thinking about that in the future then
it’s really key to be aware of the IP rights that the business owns and can
protect going forwards. The IP Audit service we offer normally
includes having a meeting with you to discuss your business and how its
interacting with IP. So generally speaking we would have that discussion
with you and give you a full review of your business and all of the IP rights
that you own. This could include a review of your brand in relation to any
trademark registrations you own or should own, design registrations in
relation to any products that you’ve developed, patent protection in relation
to any ideas or methodologies you’ve developed and copyright ownership
particularly in relation to working with third parties. We would look at all the
areas of IP and how it’s interacting with the business and give you a strategy for
the future to protect it both in the UK and overseas. The IP Audit can also look
at your commercial contracts so if you’re thinking about franchising or
licensing for example, or working overseas with customers, we can also give
you advice on that. An IP Audit will make sure that you
understand what IP rights you own and also what you can protect going forwards.
It’s really important to remember that IP rights albeit intangible are assets
of the business and have a value therefore it’s perfectly plausible that
you could monetize that IP whether it be through license arrangements for example.
Also thinking about the future it’s really important to understand what you
own but also it can present new opportunities in terms of protecting
different ideas going forward. Most organisations will generate
intellectual property rights and therefore an IP audit will be beneficial
to a company of any size. We’ve worked with over 100 companies conducting IP
Audits for them in different types of sectors whether that be: technology, food
and drink, management consultancy or retail, the fact is IP rights will exist
in most organisations and therefore for startups it might be more beneficial in
terms of identifying and understanding what IP rights you can protect, for
larger companies they may have already taken some steps already thinking
about their IP and they may have some existing registrations. But it’s always
really key to review what IP you do have and what you can protect going forwards
because things change, for example if you stayed started trading overseas it’s
really key to think about IP protection in those territories as well as here in
the UK. So an IP Audit will give you a
summary of where you are with your IP and what you need to do next; in terms of
how IP rights work a lot of them work on a first-to-file basis so if we take
trademarks as an example, if you’ve decided on your brand name then it’s
really key that you look to protect that as soon as possible because the system
works on a first-to-file basis. Also if you’re considering design or patent
protection it’s key that you have those commercial contracts in place which
means that other people aren’t making those filings before you. Thank you for
watching this video hopefully it’s given you a better understanding of IP rights
and how it may affect your business. If you would like to discuss anything about
an IP Audit and how it might help you please do feel free to get in touch with
one of our solicitors in the team, we’d be happy to help you, also if you are
interested in more of this content please feel free to subscribe to our channel. you

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