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Intangible assets such as patents, trademarks, copyright, etc (commonly referred to as intellectual property or IP) are for many businesses of equal and or greater value than traditional tangible assets such as land and buildings. Businesses rely on the opportunities provided by IP to increase their competitive strength, for additional revenue generation and as security for borrowing.

However not all businesses are fully aware of the:

1. •

   IP assets they possess

2. •

   opportunities available to them to maximise the value of their IP

3. •

   challenges and risks to their IP

4. •

   steps they should take to protect their IP

You can assist your organisation to recognise the value of its IP assets.

As a starting point, you should consider undertaking an IP audit—a systematic review of the IP owned, used or acquired by your organisation. This will enable your organisation to assess and manage its IP risk, remedy problems, implement best practices in IP asset management and establish an IP strategy.