IP audits - Undertaking regular IP audits is an excellent way for a company to: (i) properly identify the IP assets it owns from time to time; (ii) consider whether it has any IP that should be registered; (iii) assess whether there are opportunities to commercialise its IP; (iv) confirm what IP it relies on from third parties; (v) identify whether there are any disputes pertaining to or infringements of its IP; and (vi) ensure that it has appropriate contracts are in place to protect and capture its IP (i.e. employment contracts, consultancy agreements, design/development agreements and confidentiality agreements). This exercise will stand a company in good stead if an exit or funding round is planned as the company’s IP position will be clear.

IP policies – Many businesses will have a staff employment handbook which sets out basic employment issues and what is expected of staff in the workplace. The need to turn up for work on time and be presentable etc... Very few companies however have a policy on IP protocols and what is expected of their staff in relation to the need to properly secure and protect the IP of the business. For any business where its IP is a key business asset care should to taken to ensure that all staff understand the key issues involved with IP and what is expected of them.

Investing time and money to make sure that all of the company’s IP has been identified and is being appropriately protected will be time and money well spent as the company will be more attractive to external investors or potential purchasers and new commercialisation opportunities may be uncovered.

Justine Ridgely
Associate
T: 0131 226 8208
justine.ridgely@mbmcommercial.co.uk

Justine is an Associate in the firm’s Intellectual Property team. If you have any queries regarding this article or would like to find out more about IP audits or IP policies and how the firm might be able to help you then please contact Justine.