Intellectual Property (IP) is like any other business tool, and a company must know how to use it to gain business and financial value. Simply put, Intellectual Property can add value to a company, provided the company wants it to add value, invests in IP appropriately, and knows how to derive value from IP. Many companies lose out on value from intellectual property because of lack of commitment, investment or knowledge.<\/p>\n
Value of IP Audits<\/strong><\/p>\n As outlined earlier, an IP Audit can help a company in many ways. It can help a company:<\/p>\n Identify ideas, inventions and creations that may be converted into IP Assets; As seen from the case studies, IP Audit can be used in different circumstances for various purposes. Every type of organization ranging from MNCs and Start-Ups to Educational Institutions and Public Sector Undertakings can benefit from IP Audits in several ways. However, the benefit an IP Audit can provide is directly defined by the commitment and approach of the company.<\/p>\n In the light of variable commitment levels, the case studies show divergent value realization in different organizations. While some companies were able to make the best of IP Audits, others were unable to derive benefit from them. In other words, not all companies are able to realize business value from IP Audits.<\/p>\n To sum up, before going for an IP Audit a company must be clear about the purpose of the audit and its value to business. If used properly, IP Audit can help a company scale up the IP value chain, increase financial value by creating IP Assets, retain and generate business revenues, and gain competitive value in the market. If not used appropriately, a company may not be able to gain one or more benefits IP Audits offer.<\/p>\n Contributed with the support of the IP Strategy and Consulting Division of BananaIP Counsels.<\/em><\/p>\n For further information on\u00a0 IP Audits , write to contact@bananaip.com<\/a>.Our experts will respond to you at the earliest.<\/em><\/p>\n Other posts in this series-<\/p>\n Finding Ideas, Inventions and Creations- IP Audits I<\/a><\/p>\n Finding Ideas, Inventions and Creations \u2013 IP Audits II<\/a><\/p>\n Finding Ideas, Inventions and Creations \u2013 IP Audits III<\/a><\/p>\n Finding Ideas, Inventions and Creations \u2013 IP Audits IV<\/a><\/p>\n Finding Ideas, Inventions and Creations in Companies – IP Audits V<\/a><\/p>\n Finding Ideas, Inventions and Creations in Companies – IP Audits VI<\/a><\/p>\n Finding Ideas, Inventions and Creations in Companies – IP Audits VII<\/a><\/p>\n Finding Ideas, Inventions and Creations in Companies – IP Audits VIII<\/a><\/p>\n Finding Ideas, Inventions and Creations \u2013 IP Audits IX<\/a><\/p>\n Finding Ideas, Inventions and Creations in Companies \u2013 IP Audits X<\/a><\/p>\n
\nFrame an IP Strategy that promotes the company’s business goals, and helps the company realize business, competitive and financial value;
\nDevise IP Policy and Processes to implement the strategy;
\nImplement best practices and put appropriate legal instruments in place;
\nDevise an incentive mechanism to promote inventive\/creative activity and disclosure;
\nBuild IP knowledge, culture and hygiene;
\nEnsure legal and regulatory compliance and put the IP Portfolio in order; etc.<\/p>\n