Intellectual Property (IP) and Intellectual Assets (IA) play an important role in a company’s business strategy. Companies should conduct an IP/IA audit to identify their potential assets, assign a value to them and then determine the most appropriate means of protection. IP is generally defined as tangible assets while IA are considered intangible assets.
Ideally you should protect your IPR in those countries where your markets are. However this is not always commercially viable so the costs of protection should be weighed against the anticipated revenue. The audit should also become part of the overall business strategy.
These audits can also reveal assets which could be providing your company with a source of revenue but which are currently ignored e.g. possible licensing opportunities.
An audit can also highlight areas of possible exposure where others can infringe or where the company is infringing on others. It can also uncover areas where your company should improve its internal processes e.g. staff confidentiality agreements.

Issues to think about are:
_ What is your core business?
_ Do you have a register of all company assets? Who manages it?
_ What are your future plans for diversification?
_ Are you making the most use of your brands?
_ Do you own the IP you are using? Can you prove it?
_ What are the processes or knowledge critical to your business success? Are they unique to
your business? If so, have you protected them?
_ Do you monitor infringement? Are you sure you are not infringing others?
If you are already trading or thinking about trading internationally and you are based in the South
West, we can put you in touch with our Intellectual Property Advisor. With an in-depth
knowledge of Intellectual Property Rights, we can offer you impartial advice on how to gain
maximum benefit from them when trading with Europe.
For further information please contact:
Enterprise Europe Network South West
Tel: 01275 370 817
Email: info@enterpriseeuropesw.org.uk
Web: www.enterpriseeuropesw.org.uk