Intellectual property is a core business asset. Understanding and managing a business’ intellectual property is a critical component of its success. Despite this, data in the Australian Intellectual Property Report 2013 confirms that most Australian businesses are not taking advantage of their intellectual property assets.
Intellectual property exists in many aspects of a business and includes: copyright; patents; trademarks; industrial designs; confidential information; circuit layout rights; plant breeder's rights and goodwill.
Effective management of intellectual property assets allows businesses to identify, value, and protect their intellectual property and to capitalise on it as it emerges. The results for businesses include increased competitiveness and profitability, safeguards to revenue streams and an increase to their asset base. This boosts the net worth of a business, allowing for better financing, sale and investment opportunities.
Groom Kennedy works with IP specialists Commercialisation Tasmania to provide clients with a high level IP Audit. The IP Audit aims to encourage dialogue around intellectual property within our clients’ businesses and ultimately to assist clients to generate value from intellectual property assets which may be under recognised.
With information taken from client interviews and a review of key documentation, our IP Audit gives clients a succinct analysis of their intellectual property issues and a set of recommendations to further improve the management of intellectual property assets.