Introduction
Intellectual Property (‘IP’) is a cornerstone of modern business success, safeguarding innovation, brand identity and competitive advantage. Yet, many businesses overlook the importance of regularly reviewing and protecting their IP assets. This concise checklist will help you conduct a quick “IP Health Check” to ensure your IP portfolio aligns with your strategic goals.
- Identify your IP Assets
Start by cataloguing all IP assets your business owns or uses. These may include:
- Brand names, logos, and slogans.
- Product designs and packaging.
- Databases, software and trade secrets.
- Copyrighted materials such as marketing content or training manuals.
- Define Ownership Rights
One of the most common IP pitfalls for businesses is assuming they automatically own all the IP used in their operations. In reality, ownership depends on how, when and by whom the IP was created.
To avoid disputes and ensure full control over your assets, it’s essential to review and confirm ownership of all IP. Ask yourself:
- Was the IP created by an employee or contractor?
- Are there any joint creators or collaborators?
- Is the IP being used under a licence?
- Have all rights been properly assigned or transferred?
Clearly documenting and securing ownership of your IP gives your business the legal authority to use, protect, and commercialise those assets – without the risk of future disputes or unexpected claims.
- Register Key IP Assets
Registration provides stronger legal protection and easier enforcement. Consider registering:
- Trademarks for your brand names and logos.
- Patents for innovative products or processes.
- Designs for unique product appearances.
Failure to register can leave your business vulnerable to infringement or loss of rights.
- Review IP Agreements
Examine all agreements related to your IP, this includes licencing, employment and contractor agreements. Ensure they clearly define ownership, usage rights, and confidentiality obligations. This step is crucial for avoiding disputes and protecting your IP in collaborations or joint ventures.
- Conduct IP Due Diligence
An IP audit or due diligence can identify gaps in your IP portfolio, such us unregistered assets, or missing documentation.
- Align IP Strategy with Business Goals
Your IP strategy should support your broader business objectives. If your goal is market expansion, ensure your trademarks are registered in target jurisdictions. A well-define IP strategy can also help you decide whether to licence, sell or further develop IP assets.
- Regularly Review and Update Your IP Portfolio
IP management is an ongoing process. Regularly monitor your portfolio to ensure it remains aligned with your business needs and market conditions. This includes renewing registrations, addressing potential infringements, and adapting to new opportunities or threats.
Conclusion
A proactive approach to IP management can save your business from costly disputes and missed opportunities. By following this 10-minute heath check, you can ensure your IP assets are well-protected and strategically leveraged to drive business success.
What next?
Contact the IP and Tech team at Morgan + English to ensure your intellectual property is protected and working for your business.
Once we understand your situation, we’ll conduct a comprehensive audit across your business to identify all existing and potential IP assets. You’ll receive a tailored report classifying the IP connected to your brand(s) and outlining the practical steps you should take to secure and leverage these assets.
We understand that protecting your brand is critical to your business’s long-term success. Let us help you do it right.
