An intellectual property audit (“IP Audit”) is a systematic review of the intellectual property assets owned, used or acquired by a business. An IP Audit’s purpose is to uncover under-utilized IP assets, identify any threats to a company’s bottom line, and to enable business planners to devise informed strategies that will maintain and improve the company’s market value.
Many times clients who conduct an IP Audit for the first time are surprised at how many IP assets their company has and how valuable they are to their business. For example, Xerox, after conducting an IP Audit found that their internal training program was highly regarded by outsiders and ultimately made an entire business by selling training programs to other companies. An IP Audit can also identify business and legal risks by uncovering possible areas where products and services maybe be infringing on another’s intellectual property. In both instances, an IP Audit’is a useful tool in developing a business licensing strategy. For information as to how an IP audit can help your business contact Fahey Business Law and Intellectual Property.
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