MarkCrest – Step 8 | Audits, Assets, Competitors, Regulation, Infringement
This should be part of any IP protocol or policy that there is an regular audit to assure the IP is being optimized and kept relevant.
Understanding your IP and having an audit process in place can make all the difference. If you do not know the totality of your assets it is difficult to optimize. An audit will allow you to track and sometime find under utilized or undiscovered IP that may have some value whether that is monetization or branding.
If you have a family or not, families need to have proper nutrition. For a successful IP portfolio to have relevance and a future the audit is critical. As you as an entrepreneur or organization grow you may find that compliance procedures or guidance are not tailored properly for specific IP assets and this can be discovered through a regular best practices audit program.
Another consideration is how the IP audit is scientifically evaluate the IP assets. Is the audit analyzing the IP portfolio for new opportunities, risks or other advantages. If there are any risks or errors how are they reported. If you have the resources are they reviewed through a certified IP examiner. Does the IP audit include an analysis of competitors or their asset portfolios.
When doing an audit it should also consider how to broaden the value. What are the methods to broaden the reach without infringing upon the rights of other IP, and best practices that may need to be put in place for safeguards. If there is a protocol to analyze potential opportunities you need to have in place the safeguards to avoid litigation particularly for entrepreneurs.
An audit can also locate weaknesses in your IP portfolio and indicates how to strengthen the value and potential enforcement. It will also help you organize priorities based on the economic realities of your project or organization.
If you have an organization or enterprise the audit can also create integrity for the portfolio in the event of a proposed merger, acquisition, or when searching for investment. It will demonstrate to the potential partner you have been updating your portfolio and dealing with the industry changes or new opportunities in the marketplace. I will also communicate that you are always looking for opportunities to license and create other liquidity or monetization events.
If you have the resources it is always best to have a top IP attorney to review the audit as they may be able to see cash left on the table so to speak.
One other factor that could be reviewed is any changes in regulation that could also directly effect the value and integrity of the IP. There are many opportunities and advantages to have a regular IP audit for any entrepreneur or organization.
Step 7: Ownership
It must be clearly communicated to the individuals and employees that have access to the IP or are creating new IP within an organization that is it owned by you or the organization. This needs to be clearly spelled out and followed in private or public unless otherwise allowed within written policies or agreements. Click here...
Step 9: Infringement
This is one of the pieces of the process most do not pay enough attention. Value has been created with the IP and value can be created outside the IP with monetization and that process needs to have integrity without cost of legal actions related to infringement. Click here...
Steps 5 to 7 - Access, Agreements, Ownership
Important steps to monetization. Create policies surrounding your intellectual property. Understand what access means and how to protect. Create agreements to protect access and value. Document ownership.
Steps 8 to 10 - Audits, Infringement, Documentation
It is important to audit your intellectual property and status of each asset. It is also important to understand what infringement means and the best way to approach whether you are infringing or being infringed. Documentation will ultimately be the most important piece of the monetization process. Think of it as a documented audit trail.