What is an IP Audit
An IP audit is a thorough business review conducted by an intellectual property (IP) professional who will evaluate any IP assets within a business such as patents, trade marks and design rights. The audit will also identify any unregistered rights that a business may have but hasnÂt yet protected, as well as the owners of any rights.
After spending time with key people within the business, the IP professional will put together a comprehensive, formal report identifying the IP assets currently held and suggesting how such assets may be optimally protected as well as identifying further opportunities for obtaining valuable IP. The report is specifically tailored to a companyÂs individual needs and will recommend a series of steps that can be taken to realise the maximum value of any IP.
Once the audit has been conducted and a business has received and approved its written report, the IP professional will invoice the IPO the amount of £2,600 leaving the business only having to fund £400 towards the cost of the audit.
Benefits of an Audit
IP audits are an extremely useful tool that many businesses use as part of their strategic decision making to help to identify opportunities for growth and potential threats to plan against. If a business is planning on launching new products or enter into new markets, perhaps an acquisition is on the cards or maybe the business is looking to sell itself, an IP audit can be used to help plan for such scenarios. Businesses use audits to understand whether they should make the investment to obtain IP protection.
How to Apply
The scheme, which is being managed by Enterprise Europe Network (EEN) is open to applications from any business, regardless of size, industry or commercial objectives, provided it can be shown that an audit will positively benefit its operations.
The EEN will work with a business in putting together a proposal and submit it to the UK Intellectual Property Office (IPO) for approval. If successful, the IPO will inform the business that its application has been approved and to proceed with arranging a convenient time and date with the IP firm it will be working with.
Swindell & Pearson is a delivery partner on the scheme and we are able to conduct the audits. Any business wishing to apply should get in touch with your usual Swindell & Pearson contact or Mahir Raoof at mr@patents.co.uk. We will first discuss your requirements and understand how we can assist before putting you in touch with the EEN.
Swindell & Pearson is a firm of patent and trade mark attorneys based in Derby with offices throughout the Midlands including in Wolverhampton. The firm helps businesses protect and defend their intellectual property rights for innovative ideas, brand and inventions all over the world.
Swindell & Pearson is also a proud patron of Made in the Midlands and is passionate about supporting Midlands manufacturing firms having successfully worked with a number of local firms over the years through its Black Country office.
To find out how Swindell & Pearson can help you with any intellectual property requirements please get in touch with Scott Harrison by email here or by telephone on 01902 271 487.
