Proactive Protection: Intellectual Property Audits
Intellectual property (IP) is among a company’s most important assets. It defines a company’s brand and gives it a competitive advantage in the marketplace. Whatever goods or services your company may offer, protecting your intellectual property portfolio should be an important business goal. However, a company cannot adequately protect and manage its IP unless it knows what it owns and understands its value to the business. An intellectual property audit allows a company to do just that.
An IP audit is a systematic review of a company’s IP assets and an analysis of their strengths and weaknesses. The overarching goals of an IP audit are to determine what IP a company owns and to develop a strategy as to how it can be effectively used and managed.
Source: Law Business Research