|IP Audits & IP Health Check|
Many organisations find that, over time, their IP portfolio has become fragmented such that the knowledge of their actual IP holdings becomes unclear. This is particularly true when businesses are sold, come under new ownership or to be restructured.
Wrays assists companies to review the nature and extent of their IP holdings to help obtain a clear picture of what is owned. ‘Getting its IP house in order’ in this way is essential where an organisation is seeking to ensure the effective management of its IP. It can allow a company to make decisions about any rationalisation of its IP assets, and can assist senior management with any decisions regarding short and long-term strategic business plans.
Information regarding current IP holdings is also essential in capital raising ventures, as well as in negotiations for commercial arrangements, and regular/timely IP audits can allow a business to keep on top of its true IP position.
In cases where only a preliminary or cursory assessment of a company’s IP position is desired, Wrays can conduct a simple ‘IP health check’ instead of a more detailed IP audit for clients. Such IP health checks are typically brief, high-level reviews which involve Wrays professionals preparing a short-form report on the IP assets and IP management practices of a business. As well as providing a succinct position on a company’s formal IP asset holdings, recommendations may be provided where appropriate in respect of key areas where improvements may be worthwhile or next stage activities which may be prudent to safeguard a company’s IP position.