IP AUDIT
An IP Audit is defined as a systematic review of the IP assets owned, used or acquired by a business.
The purpose of an IP Audit is to investigate the scope and extent of IP developed and protected by a company before launching further into other areas such as research and development of its patentable inventions, or the marketing and branding of the company in terms of its trademarks. It also includes advice on building an IP management strategy.
An IP Audit also involves identifying gaps in a company’s IP protection which is required to avoid ‘attacks’ by competitors, and ascertaining if a company has defensible position with regards to its key identity (whether it be in terms of patents, trademarks, designs, or other IP). This gap analysis will determine which aspects of the business are not adequately covered by IP rights.
If your company is considering launching into other areas in relation to its IP, or considering taking its business to the next level in terms of increasing the allocation of funds and resources to be channeled into its pre-existing IP protection and development efforts, you might consider conducting an IP Audit of your company prior to executing your plans.
The potential generation of revenue from the proper utilisation of intangible assets such as IP is tremendous. Companies that manage and utilise their IP efficiently and effectively have an advantage over companies that do not.
Companies can perform IP Audits to measure the efficiency and effectiveness of the management of their intellectual capital in order to ascertain where the company stands in terms of its intangible assets and what aspects can be improved on.
Yusarn Audrey provides end-to-end service for your IP Audit process. In any IP Audit, there is always a large amount of resources and time that is devoted to the investigation process. Our team comprises of IP lawyers who are well versed in the law and in their respective fields of expertise, and IP professionals such as IP strategists who are highly specialised in their fields and are business savvy to address your niche needs. We often advocate to our clients that IP is more than a legal right, but rather, a useful and powerful tool to grow your business. We encourage our clients to conduct IP Audits so that they can better understand their IP assets. As a pioneer IP strategy and IP law firm in Singapore, we have a wealth of experience with conducting IP Audits.
Consult us for advice on the process of an IP Audit and how we can assist you with your IP Audit.
