IP audits are applicable to a wide range of businesses at all stages of their lifecycle. When a business wants to understand what IP it has created or acquired, what IP needs to be protected and where there may be gaps in existing protection, an IP audit will provide that insight.
They are often used by start-ups and spin-outs as a precursor to seeking IP protection for the first time. Other growth milestones may warrant an IP audit, such as investment rounds or mergers and acquisitions.
An IP specialist, such as a patent or trade mark attorney, will be able to carry out an IP audit tailored to your business and advise on next steps.
What is an IP audit?
An IP audit is a way to identify innovations and intangible assets in your business and formulate a clear IP strategy to help your business grow.
The focus of an IP audit will depend on the nature of your business, but will typically cover:
- Technical inventions (Patents)
- Brand names, logos (Trade Marks)
- Visual aspects (Designs)
- Creative works (Copyright)
- Trade secrets / Know-how
What are the benefits of an IP audit?
Every business will have different motivations for conducting an IP audit. Typical outcomes include:
- Gain confidence and understanding of what IP means for your business.
- A clear picture of the value IP adds to your business.
- Identify which IP needs to be protected now, and how, as well as where future IP could be created.
- A tangible action plan with a list of recommendations which is appropriate to your business’s plans and financial situation.
- Valuable insight into your existing IP portfolio and whether there are any gaps which need to be filled.
- Useful information when talking to investors and seeking investment.
Do I need an IP audit?
We advise having an IP audit if your business has, or is about to, go through any of these stages:
- Started up
- Recently spun out of a university
- Created new IP
- Acquired IP from another company
- Is seeking investment
Is funding available for an IP audit?
In the United Kingdom, part-funding from the UK Intellectual Property Office (UKIPO) may be available to companies seeking an IP audit. To be eligible, SMEs must already be engaged in a business support programme run by Innovate UK Business Growth, Scottish Enterprise, Invest Northern Ireland, or Business Wales.
