When you acquire a company or go through a merger, you want to be aware of all the IP (intellectual property) that the new company now owns. When a company is acquired or two companies become one, then there may be some confusion as to who owns what. An IP audit is therefore necessary as soon as possible. First, a company needs an IP audit so they can have an idea of all the assets they now own. That way, they can exploit all the IP they have and make profit, so that if can positively affect their bottom line.
Next, an IP audit is also important so that you can manage it. IP rights, patents, copyrights, trademarks etc. have a certain lifespan, and in this short period, you can have exclusive rights to your property before anyone can use it, or you can keep the rights to your IP as long as you don’t let it lapse. That way, you can keep your IP as long as you can, and you can maximize your profit. Many companies may own IP and they don’t even know about it – think of all the money they’re throwing away but not having an IP audit.
Next, an IP audit is also important so that you can manage it. IP rights, patents, copyrights, trademarks etc. have a certain lifespan, and in this short period, you can have exclusive rights to your property before anyone can use it, or you can keep the rights to your IP as long as you don’t let it lapse. That way, you can keep your IP as long as you can, and you can maximize your profit. Many companies may own IP and they don’t even know about it – think of all the money they’re throwing away but not having an IP audit.
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