What is an intellectual property audit?
In short, an intellectual property (IP) audit is a breakdown of your business’ existing intellectual property rights. IP audits can, however, can be much further reaching and include analysis of any gaps in protection, as well as give an overview of third party rights and include advice on IP strategy and IP management. Audits may also be conducted on target companies and are therefore particularly useful during mergers and acquisitions.
Why are intellectual property audits important?
Intellectual property is key for all businesses and is often far more valuable than physical assets. Regular auditing will allow you to understand your IP position, and identify strengths, weaknesses, opportunities and threats. Those who do not take time to understand their IP portfolio can risk stagnation in the marketplace, poor growth and even infringement issues leading to time-consuming and costly litigation.
Whether you’re just starting out, are buying or merging with another business, or need to review your current position, a Brabners IP audit provides the information you need to ensure that your business is properly protected now, and for the future, and ready for commercial success.
How Brabners can help?
There is no “one size fits all” so we tailor our IP audit services into Bronze, Silver, Gold and Platinum packages to meet the needs of your business. The most suitable package will depend on your commercial intentions, please click here to download our guide.
UK Intellectual Property Office’s IP Audits plus Scheme
You may qualify for funding towards an IP audit. Sponsored by the UK Intellectual Property Office (UKIPO), the IP Audit plus Scheme is administered by two recognised partners - innovate2succeed or EEN. To qualify you have to be engaged in one of the partners’ support schemes and demonstrate that your business has the capacity to implement potential actions arising from an IP audit.
Your dedicated Innovation Specialist will discuss with you the benefits of the audit and what you can expect to gain from one. If they consider that an audit is appropriate, they will work with you to complete the form and send it to the UKIPO on your behalf.
The UKIPO will fund £2500 (including VAT) of the total cost of the audit which is £3000 (including VAT); and the company funds the remaining £500 (including VAT) of the overall cost.
If the Innovation Specialist does not feel that an audit is appropriate, they can choose not to endorse an application, but Brabners are still able to provide you will an audit which you can fund yourself.
For more information on the topic, please contact Hayley Morgan or another member of the Commercial team.
