IP AUDIT

An IP Audit is an extremely useful commercial tool for every business. It will help accelerate your growth and increase the value within the business.

However, many businesses are not aware of: what an IP Audit is; why it can be such a useful tool; how much an IP Audit typically costs (including available Government funding); how to go about organising one; how much time it will take; and what the actionable outcomes are likely to be.

The patent attorneys at Albright IP are all engineers and scientists, before crossing over and qualifying in IP law. Albright IP has extensive experience with delivering high quality and commercially useful IP Audits, and this page will answer all of the above questions and more. As always, please contact us with any questions, we are more than happy to advise, guide, and provide options and strategies.

INDEX

• Why do you need an IP Audit?
• How often do you need an IP Audit?
• How much does an IP Audit cost and can I get funding?
• Find out if your company is entitled to IP Audit funding from the UK Government
• Are there any other grants or funding available to cover Patenting?
• How much time does an IP Audit take?
• Ask our Attorneys about an IP Audit for your Company

WHY DO YOU NEED AN IP AUDIT?

‘IP’ stands for Intellectual Property. However, Intellectual Property is a complex area of law. As such, many businesses will go through the motions regarding patents, trade marks, designs, copyright and the like (all of which fall under the umbrella term: ‘intellectual property’), but will not really have a solid commercial strategy or understanding about these valuable but intangible business assets.

The best IP Audits will not only dig into your present business structure to identify your potential intellectual property that can or cannot be protected, but critically, it should also outline options for new internal processes and/or tweaking existing processes to help the business identify and exploit these IP assets that it may be creating. This can accelerate growth and company value, capturing greater market share, and making the business more attractive to investors and shareholders.

The best IP Audits should also identify potential uses of your business’ IP for tax savings for example, Patent Box in the UK is a hugely under-utilised tax saving by companies (‘Patent Box’ is a 10% corporation tax rate, see our Patent Box article).

HOW OFTEN DO YOU NEED AN IP AUDIT?

Typically, only one IP Audit is required. However, if the business rapidly expands over a few years, pivots to new markets, or acquires or merges with other businesses, it is prudent to have the IP analysis reviewed and updated at these points.

A real added benefit is to have a patent and trademark attorney supporting you who is not only an expert in IP law, but is commercially astute and proactive with their advice. Having an attorney on your side who will, on an on-going basis, guide and strategise with you regarding your business and the IP that is being created means that you effectively have an on-going dynamic or ‘mini’ IP Audit constantly taking place at little to no extra cost.

Furthermore, tools, such as Albright’s IP Portal which we give to clients free of charge, are extremely useful to help busy company directors quickly and visually monitor their IP portfolios globally.

The attorneys at Albright IP take into account all the above aspects and more when conducting your original IP Audit.

HOW MUCH DOES AN IP AUDIT COST AND CAN I GET FUNDING?

The current cost (see below for funding options) for an IP Audit is typically £3,000. This is incredibly cost-effective, when considering the range of detail that will be looked at, the extensive amount of time the attorneys will devote to the process, and the actionable advice that results.

For UK companies, the Government, via the Intellectual Property Office and Innovate UK Edge, is offering subsidised IP Audits by way of grants that can be applied for.

The IP Audit grants currently comprise up to £2,500. The company then needs to pay only £500.

The IP Audit grant can be applied for at this link.

FIND OUT IF YOUR COMPANY IS ENTITLED TO IP AUDIT FUNDING FROM THE UK GOVERNMENT

Ask us using the following Enquiry Form to find out whether your company is entitled to the subsidised IP Audit funding, currently standing at £2,500:

IP Audit Funding Enquiry Form:

All information submitted in the Enquiry Form is strictly only used for determining your company’s suitability for the UK Government’s IP Audit grant funding. The information will not be used for marketing or passed on to any other third party.

ARE THERE ANY OTHER GRANTS OR FUNDING AVAILABLE TO COVER PATENTING?

The Intellectual Property Office also currently runs an IP Access scheme.

Based on the results of the IP Audit, this allows businesses to apply for a grant of up to £5,000 to help action some or all of the recommendations (for example, covering some or all patenting costs for new developments that have been highlighted as requiring protection).

Guidance for applying to the IP Access scheme can be requested using this contact page.

Whether or not your application to the IP Access scheme is successful, please feel free to ask us if patent or trade mark protection is required. With a very high success rate, we are happy to guide you regarding steps, timescales and likely budgets from start to grant.

HOW MUCH TIME DOES AN IP AUDIT TAKE?

When Albright IP is asked to conduct an IP Audit for a client, we are very mindful that the data-collection process needs to be as efficient and optimised as possible to reduce the burden on the company’s directors and staff.

If the company undertaking the IP Audit has details of the business’ internal design or engineering processes, staff contracts, R&D tax credit claims, product catalogues, competitor details, existing trade marks and patents, are well indexed and to hand, the company usually finds that it is a simple job to pull that together by following our easy to follow Check Sheets.

If the company does not have those items to hand, it can take longer. However, our easy to follow Check Sheets do allow all clients to prepare the materials that we will need in order to provide a robust and thorough IP review and guidance.

When conducting an IP Audit, it is also ideal for us, if possible, to visit your premises. Although it is perfectly feasible to conduct IP Audits remotely, seeing the business in person and talking directly with the relevant directors and/or employees, can add significant value to the results of the IP Audit. It is therefore also prudent to factor in the time for such a visit.

Once we have all the available materials, the review and analysis typically takes a few days. The IP Audit report with actionable recommendations is then prepared and sent to you. Overall, the IP Audit process on the attorney side can often be completed within a week.

CONTACT US

If you would like further information, please use the Enquiry Form below, call us on +44 (0) 1242 691 801, or use our Contact Us page, and one of our expert British and European patent attorneys will be pleased to give you all the advice and guidance possible.

ASK OUR ATTORNEYS ABOUT AN IP AUDIT FOR YOUR COMPANY