An audit is a systematic review of the Intellectual Property rights of a business. Its purpose, among other things is to:
- Reveal IP rights that are under-utilized;
- Identify rights that are economically beneficial;
- Identify threats from competitors.
- Enable strategists to steer the company's overall business plan towards improving its market position.
Most Sole inventors and Small and medium sized enterprises do not have the capital / economic resources to conduct a full IP audit and may find it challenging to put a value to their IP. However, it is crucial for every business to document and value its IP as this could help a company realise quantifiable value to the net worth of the business?
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