Now more than ever, intellectual property comprises an irreplaceable and crucial part of any company’s success and its competitive edge. IP embodies many different forms, such as patents for innovative and handy features which make products more desirable, or design patents which protect how the products looks; trademarks which protect names, logos and symbols used to identify and distinguish a company and its products; trade secrets which protect customer information, supply chain info, formulae and recipes; copyrights which protect software, artwork, written work, marketing materials and guides. For these reasons and many others, properly managing the intellectual property that your business has access to is absolutely vital for paving the road to both short term and long term success in your industry.
It used to be the case that most businesses actively focused on acquiring tangible assets but in recent years the trend has shifted such that the acquisition and management of intangible assets, like intellectual properties, has become far more important for most businesses. This trend owes itself to the importance of internet business and e-commerce. Now, businesses increasingly understand and recognize the need to garner their intellectual property as that may very well be the unique asset that sets apart their brand from all the others.
It is important to understand intellectual property rights and laws when auditing your intellectual property. With the rising significance of IP assets, most companies can greatly benefit from an IP audit, which is a complete, systematic review of a company’s intellectual property assets and its associated risk and opportunities. IP audits are so vital because they can assess and enhance a company’s IP assets, correct any issues in intellectual property rights, put underutilized IP to better work, identify any risks that a company’s products may infringe upon another’s IP rights, and put forth more efficient IP management habits and practices. A truly thorough IP audit will not only review and assess a company’s IP acquisitions, but also its IP-related agreements, contracts, policies, and even its competitors’ IP assets in a related industry or field.
Since intellectual property rights and laws are very complex and vague, IP audits are conducted by a lawyer or law firm that specializes in intellectual property law. The company will appoint someone for the lawyer to work with, ideally someone from the company that is aware of the technical details of the company’s business and their IP assets. Typically, most companies will not know much about IP so the lawyer will usually provide an educational overview of IP and make some suggestions on how the company’s existing IP rights can be protected and improved based on the preliminary information they are provided regarding the company’s IP.
At this point, the audit continues to go more and more in-depth, potentially involving other key employees who are involved in the creation or acquisition of current and prospective intellectual property or technology for the company, with each person contributing their knowledge surrounding its research, development, sales potential and marketing outlook. If the company already has a greater awareness of IP, the lawyer can engage in discussions surrounding the company’s IP portfolio and its competitive positioning in their industry with relation to market trends and future demand.
As we implied, IP audits have huge potential benefits for companies but their scope and purposes can be tweaked to better suit the company being audited. For instance, general use purpose audits are wider and “bigger picture” in scope and they can be hugely helpful to start-ups and established corporations alike to both assess and protect their IP in addition to clearly outlining their future IP development needs. On the other hand, event-specific IP audits can be incredibly useful for companies that need to:
Here at KAASS LAW, we value our clients’ intellectual property above all else because we recognize the innovation and creativity that it takes to create new and groundbreaking ideas, inventions, and designs. We protect our clients’ IP like our own because we understand its true value to the company and to the company’s morale and identity. We have worked with many individuals, entities, and businesses to assess, evaluate, defend and diversify their IP assets. If you feel that your company has been underplaying the value of their IP, or even been completely unaware of just how significant a role that kind of asset can play, then we definitely encourage you to give us a toll free call at (310) 943-1171 to speak to our experienced intellectual property lawyers today. We work with our clients to make sure they always have the competitive edge in their respective industries and to ensure they understand their own worth and value. Knowledge and awareness can make all the difference when dealing with intellectual property so please do not hesitate to get in touch with us about any questions or concerns you may have.
KAASS LAW, 815 E Colorado St #220, Glendale, CA 91205, (310) 943-1171
KAASS LAW is authorized to practice law in California. The above content is intended for California residents only. This content provides only general information which may or may not reflect current legal developments. KAASS LAW expressly disclaims all liability in respect to actions taken or not taken based on any of the contents of this website. The above content DOES NOT create an attorney-client relationship. KAASS LAW does not represent you unless you have expressly retained KAASS LAW in person at the KAASS LAW office.
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