Intellectual property (IP) has the potential to drive the growth and value for your business by delivering competitive advantages and creating new revenue streams.
Understanding what intellectual property your business has and identifying its strategic importance to your business.
Conducting an IP Audit is the first step towards realising the value of such assets.
What is an IP Audit?
An IP audit is a systematic review of the IP assets (including registered and unregistered, existing and future) owned or used by your business.
The Intellectual Property Audit will help you to:
- identify existing and potential IP assets;
- identify issues around ownership of the IP assets which are strategic to your business;
- identify coverage and gaps in protecting the relevant IP assets;
- identifying IP assets of 3rd parties which your business uses, which may pose a risk for your business;
- identify under-utilised assets that can help your business generate revenue; and
- providing IP-specific recommendations to help you best manage, protect and exploit its IP assets.
Our IP Audit Reports are flexible and tailored around the needs and goals of your business – some businesses may benefit from quite a broad review of all their IP assets, and others may benefit more from an audit delving into very specific IP-related issues.
How can an IP audit benefit your business?
An IP Audit can further add value to your business and its future growth by:
- protecting your business and minimising risk;
- identifying potential cost savings;
- identifying value and opportunities;
- creating new potential revenue streams; and
- demonstrating value to investors or business partners.
When to conduct an IP Audit
An IP Audit can be carried out at any time.
However, key times to think about conducting an intellectual property audit are:
- During the first year of trading - to ensure you are intellectual property protection and the relevant policies and procedures are implemented from the outset;
- When seeking investment or considering a merger or acquisition - a strong and well-maintained IP portfolio can help to drive the value of the business and make it more attractive to investors;
- When launching a new product or service – ensure you are appropriately protecting all IP within the new product or service before going to market;
- When reassessing your business strategy -whether your business is in its early stages or just changed course, conducting an IP Audit and developing an effective IP strategy can help deliver your commercial goals.
Costs of an IP audit and eligibility for funding
The cost of an IP Audit can vary depending on the IP assets and complexity.
However, for UK companies (who meet the criteria set out below), the Government, via the Intellectual Property Office and Innovate UK Edge, is offering grants towards the cost of an IP Audit.
If you are eligible, the cost of the IP Audit is fixed at £3,000, and the IPO will pay up to £2,500, meaning your business would only need to contribute the remaining £500.
To be eligible, your business must be:
- an SME (fewer than 250 employees and turnover of not more than £41million);
- engaged with one of the IPO partner business support schemes. The recognised partners are Innovate UK Edge, Scottish Enterprise and the Welsh Government; and
- able to demonstrate that the IP Audit will form a key part of achieving your business growth plans.
Once funding is approved, you will need to appoint a firm of IP professionals (such as Myerson) to work with you to conduct the IP Audit report.
Why Choose Our Intellectual Property Solicitors?
- Our intellectual property experts advise clients on a broad range of intellectual property matters, from initial registration and exploitation to protection and enforcement.
- Our specialist IP litigation team is also highly experienced in handling business disputes involving intellectual property.
- Myerson is a member of the Intellectual Property Lawyers Association (IPLA), an association of law firms with an established intellectual property office. Our membership provides our clients and us with access to a wealth of knowledge and expertise in intellectual property.
- Through our many years of service, we have close working relationships with trade mark and patent attorneys and regularly liaise with them on a wide range of intellectual property issues, such as registering trademarks, patents and design rights, and when disputes arise concerning intellectual property rights. These working relationships are a key element of the service we offer to our clients.
- Myerson is also the Manchester and Cheshire law firm member for the MSI Global Alliance, a top 20 ranked international association of independent professional firms. As the IP matters we deal with often involve an international element, we can call upon the expertise and knowledge of our fellow MSI members to ensure that our client's global interests are protected.
Meet Our Intellectual Property Solicitors
Home-grown or recruited from national, regional or City firms. Our intellectual property lawyers are experts in their fields and respected by their peers.
Carla is a Partner and Head of our Commercial Team
Richard is a Senior Associate in our Commercial Team
Robert is a Senior Associate in our Dispute Resolution Team
Karam Bhatti is a Solicitor in our Commercial Team
Contact Myerson Solicitors
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