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It's 2014. Do you know what your business' intellectual property is doing?
If you didn't answer with an emphatic "Yes!" (or worse yet, had to stop and think about what exactly intellectual property is), then you may be a prime candidate for an IP audit.
What exactly is an IP audit, and what can it potentially do for your business? Here's what business owners need to know:
What Is an Intellectual Property Audit?
An IP audit is careful and complete review of your company's intellectual property assets, as Corporate Compliance Insights explains. Intellectual property includes any copyrights, patents and trademarks held by you or your company, as well as other original works, trade secrets, or formulas.
An IP audit also takes stock of your company's intellectual property management, policies and procedures. Such an audit is typically performed by an experienced intellectual property lawyer, trained to systematically catalog and critique every aspect of your business' intellectual property strategy.
Why Does Your Business Need One?
There are many reasons your company may want to consider an IP audit, even if you're not in the technology sector. For example, an IP audit can:
If you'd like to learn more about intellectual property and how to protect your business' IP assets, check out FindLaw's section on Small Business Intellectual Property.
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