IP audits: A quick guide for businesses
What is an IP audit?
An IP audit is a detailed review of the Intellectual Property (IP) assets in your business, both what you currently own and what you may want to protect in the future.
Almost every business generates some form of IP, whether by creating a brand, designing a product or developing technology.
Typical IP assets include:
- Branding: names, logos, slogans
- Designs: the look and feel of products, packaging, interfaces
- Technology & Innovation: technical features, processes, software
- Creative Content: marketing materials, publications, website content
- Data & know‑how
Why does an intellectual property audit matter?
A well-structured IP audit can act as a strong complement to your business strategy when it comes to securing investment in your business. Whether you're just starting out or already well‑established, here’s where it can have the greatest impact.
It can help you avoid common pitfalls such as:
- Choosing a brand name that someone else already owns
- Missing opportunities to protect key technology
- Disclosing innovations too early
An audit helps ensure:
- Your IP portfolio is complete and up to date
- Your protection still aligns with your commercial strategy
- You’re not unknowingly at risk from competitors
A well-documented IP audit strengthens:
- Credibility with investors
- Valuation discussions
- Due diligence conversations
IP audit funding (and what it covers)
An IP audit does require professional time, but does not need to be a financial burden thanks to IP audit funding.
Funding available:
- Up to £2,250 (inc. VAT) is funded
- £750 (inc. VAT) is paid by the business
- Total Audit value: £3,000
Funding routes
IP audit funding is delivered through:
- Innovate UK Business Growth, for companies in England
- Welsh Government, for companies in Wales
- Scottish Enterprise, Highlands and Islands Enterprise or South of Scotland Enterprise, for companies in Scotland
- Invest Northern Ireland, for companies in Northern Ireland
To qualify, you need to be working with one of the partners listed above and your IP audit needs to be performed by a qualified IP professional.
What does an IP audit involve?
A typical IP audit will
- Identify your current IP assets
- Spot new IP opportunities
- Assess risks
- Create an action plan
Is an IP audit right for you?
- You’re launching or rebranding
- You’ve developed new technology or processes
- You’re preparing for investment or sale
- You work with external developers/contractors
- You have innovation but aren’t sure how to protect it
- You want to reduce risk from competitors
If any of the above apply to your business, an IP audit is usually worthwhile.
How can our intellectual property solicitors help
The Freeths IP team has a broad range of experience across all IP related matters. Our specialist team of Chartered Patent Attorneys and Chartered Trade Mark Attorneys are ideally placed to carry out a funded IP audit that gives you a clear, commercially focused strategy for extracting the most value from your IP.
If you’d like to explore whether a funded audit is right for your business, please feel free to contact Richard Ellis, Callum Anderson or another member of the Freeths IP team and we would be happy to assist you.
The content of this page is a summary of the law in force at the date of publication and is not exhaustive, nor does it contain definitive advice. Specialist legal advice should be sought in relation to any queries that may arise.
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