Intellectual property or IP is the creations that are of the mind such as designs, artistic and literary work, symbols, inventions, images, and names that are used in commerce. Intellectual property is vital in any company because it ensures that it remains competitive. Considering its importance, IP is protected by law in the form of trademarks, copyright, and patents ( Poltorak, 2011). They help people earn financial benefits and recognition from the things that they create or invent. By maintaining the right balance between the interest of the public and that of innovators, the system aims at fostering an environment the helps innovation and creativity flourish. The importance of IP makes it vital for companies to conduct IP Audits. There are vital steps that are vital in preparing an intellectual property audit.
Steps of preparing an intellectual property audit
A challenge that affects many companies around the world is protecting their Intellectual Property assets. The steps that can be taken in conducting IP audit includes understanding the protection that is available for the IP assets. It means that to be able to determine if an asset can be protected, it is vital to understand what can constitute a trademark, trade secret, patent, and copyright ( Bouchoux, 2001). There are common laws that protect copyright, trade secrets, and trademarks that intrinsic to any business. It is vital to file the company’s eligible trademarks and copyrights with the appropriate government agency to ensure that there is stronger protection. The second step is establishing the goal of the audit by defining its parameters. The focus needs to be the identification and cataloging of every intangible asset and also reviewing the corporate policies. The main aim of conducting such an audit is discovering the IP assets that are underutilized, find out the threats to the company, and assist in the development of strategies that are informed.
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The third step involves the identification of various stakeholders and aligning the company with their interests. A secondary benefit of conducting the IP audit is he opportunity to create a beneficial relationship with various departments and educating the employees on the importance of protecting the IP assets of the business and how vital it is to avoid violating the licensing terms of other companies. The fourth step includes identifying the possible IP through the process of discovery to identify any possible IP that can be flagged out in the review. The fifth step is selecting a program and then creating a centralized catalog. Often there are vendors who offer software that will at helping to manage the IP asset of the company In case the resources are limited, programs such as Outlook, Access, Google Apps, and Microsoft Excel can be used in creating a centralized catalog of the IPs. The next steps include establishing and reviewing the valuation of the IP assets and creating policies that aim at expediting all the future audits by promoting procedures that mainly interact with other constant practices ( Parr, 2011). The next step is reviewing the way in which employees are being transitioned in or out of the business. New employees need to be educated on the company’s IP and new agreement clause. The final step is reviewing the insurance policies, especially with relation to IP infringement, omissions, errors, and claims.
Conclusion
The IP has become vital in the survival of companies, especially, in maintaining the competitive advantage. Conducting an IP audit is vital I listing the vital actions that can be taken by a company in making sure the success of the IP process. It also allows the establishment of the opportunity for maintenance and review of IP.
References
Bouchoux, D. E. (2001). Protecting your company's intellectual property: A practical guide to trademarks, copyrights, patents & trade secrets . New York: AMACOM.
Parr, R. L. (2011). Intellectual property: Valuation, exploitation and infringement damages . Chichester: Wiley.
Poltorak, A., & Lerner, P. (2011). Essentials of intellectual property: Law, economics, and strategy . Hoboken, N.J: Wiley.
