What is an intellectual property (IP) audit?
Auditing a company’s IP assets will strengthen their understanding of their IP rights and how to maximise their commercial potential. An IP audit involves conducting an in-depth evaluation of the business’ IP portfolio, along with advice on:
- Potential patentability of inventions
- IP strategy and management
- Extracting the maximum value from your IP
- Licensing opportunities
- IP protection procedures
Additionally, an IP audit will ensure businesses understand any IP-related risks and how to manage them, including internal IP management and potential infringement strategies.
How will an intellectual property (IP) audit benefit your business?
For SME’s, it is key to be aware of IP rights, how these can be integrated into the wider business strategy, and how these assets can drive future growth and generate income. This advice can assist businesses in effectively commercialising and developing its technology, whilst instilling confidence in potential investors who can gain a full understanding of the company’s approach to IP.
How to apply for the intellectual property (IP) Audits Plus Scheme
To be eligible, businesses should be growing, innovative and fewer than 250 employees. To apply for an IP audit through the IP Audits Plus Scheme, an applicant should first contact one of the UK IPO’s partners, e.g., the Welsh Government, the Enterprise Europe Network (the innovate2succeed programme) or Scottish Enterprise. If the qualification criteria are met, the partner scheme will apply for the grant on the company’s behalf. If the UK IPO accepts the application, the business can then instruct a patent attorney to conduct the audit and prepare a report. The report will then be submitted to the UK IPO to complete the process.
How Secerna can help with your intellectual property (IP) audit
At Secerna LLP, our attorneys are experienced in conducting IP audits across a variety of technologies. Secerna can assist SME’s in accessing the UK IPO’s funding and can carry out an IP audit under the UK IPO Audits Plus scheme. If you would like any further information, please do not hesitate to contact Charlotte Watkins or Huw Jenkins at docketing@secerna.com