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Protect My Mark

As legal awareness grows, companies are becoming more diligent about protecting their ideas, knowledge, concepts, and other types of Intellectual Property (IP). Companies now strive for effective and timely legal protection of their IP rights. Their IP is their source of profit, so they do not have to take any risks when it comes to it.

At the same time, as technology has advanced, intangible assets have become more valuable. More businesses are relying on the intellectual and intangible assets they possess and are focusing on increasing business competitiveness based on the accumulated assets. This calls for more due diligence to be conducted. An effective corporate strategy should include a regular check on IP, being aware of crucial IP rights, keeping track of your intangible assets. A company’s IP assets can be reviewed systematically through an IP audit.

What is an IP audit?

An IP audit examines the existing intellectual assets of your business project to determine and manage the discovered risks, assess the opportunities, remedy problems, and implement best practices. It will also help identify and manage potential IP assets.

To put it simply, an IP audit refers to the process of reviewing your company’s intellectual property assets. Although it might seem like an easy task, it entails information that the company may not be aware of. The IP audit extends beyond a systematic review to also provide a strong competitive analysis of the IP’s field of activity.

Why IP Audit Is Essential for Business Growth?

What are the benefits of doing an IP audit?

Companies benefit from IP audits in the following ways:

  • Verification of all your IP assets;
  • Enhancement of your IP portfolio;
  • Assessment of IP ownership (who owns the IP assets in the company);
  • Management of the consequences of the expiration of IP rights;
  • Adjustment of defects in IP management (IPM);
  • Assessment of the impact of a key employee’s departure on IP;
  • Avoidance of penalties from the UAE official bodies due to preliminary identification of signs of possible UAE laws violations (Regulation on Consumer Rights Protection, Fraud Executive
  • Regulation, Commercial Transactions Law, etc.);
  • Demonstration of the company’s value in preparation for a merger or sale transactions;
  • Demonstration of the company’s value to obtain or provide financing or investment capital;
  • Assessment of a third party’s infringement claims and the possible legal consequences;
  • Assessment of the IP rights and risks involved in expanding into new markets or channels of trade;
  • Preparation to build an IP strategy;
  • Implementation of best practices of IPM;
  • Increasing revenue and gaining a competitive advantage over competitors.
Why IP Audit Is Essential for Business Growth?

What will you get when implementing an IP-Audit with us?

IP audit always helps the company to address its intangible assets and to further strategize as per needs. As we mentioned before, through an IP audit, the business also gets a comparative understanding of how well its IP performs in the market. It is largely seen that the company does not realize the IP it owns until the IP audit. At INTEROCO Copyright Office (Dubai) we know how important it is to understand & maximize the value of your intellectual property. Implementing IP-Audit with us, you will maximize business opportunities with:

  1. Creation of IP portfolio with the determination of the most efficient (by the costs, protection coverage, duration, rightsholders’ security, etc.) legal tools for IP protection of the business assets and further business development.
  2. IP audit report with a detailed description of all risks and opportunities associated with protection and monetization of projected business products and services.
  3. A detailed action plan with practical recommendations and measures to eliminate identified risks and to use all available benefits.

Summary

Getting along with the competitive information, the business understands all the strengths and weaknesses of its IP. The company can decide whether there is a need to acquire any IP, or plan a new one based on its core technologies. Issues concerning licensing, joint ventures can be decided based on the IP audit report. Therefore, one can easily comprehend that IP audit can prove to be a major factor for maximizing business opportunities and increasing profit margin.

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