What Is an IP Audit? Benefits, Process and UK Government Funding for SMEs

An IP audit is a detailed review of the IP assets (including registered and unregistered, existing and future) owned or used by your business and involves an extensive evaluation of any associated agreements, relevant policies, and compliance procedures.

It is also useful in assessing and managing risk, remedying problems, and implementing best practices in IP asset management.

Intellectual Property Audits can:

• Identify existing and potential IP assets, revealing their monetary value and ways to maximise their potential.
• Address ownership issues related to key IP assets for your business.
• Review IP protection to highlight both coverage and gaps.
• Identify third-party IP assets your business uses that may pose risks.
• Spot under-utilised assets that could be leveraged for additional revenue.
• Offer IP-focused recommendations for managing, protecting, and exploiting your IP assets.

Our IP Audit reports are tailored around your business’ needs and goals, ensuring that we deliver a result that is best suited to your business.

In an increasingly knowledge-driven economy, understanding and protecting your intellectual property is essential.

An IP audit provides a structured and strategic approach to identifying, managing, and leveraging your business’s intangible assets.

With government funding schemes available to support the cost of an audit, UK SMES have a real opportunity to enhance their IP position with minimal financial outlay.