Uncovering IP Risks and Potential: IP Audit
IP can drive value for your business, from delivering competitive advantages to creating revenue streams. Knowing what IP you have and its strategic importance to your business is an important step in realizing the potential of these assets. An IP audit is a first step towards making these assets work for you.
While using IP strategically can have tremendous benefits for your business, using the IP of others without permission can have devastating consequences. An IP audit can also reveal vulnerabilities for your business, that could ultimately lead to pulling your offerings from the market or paying damages to a third party.
You can use WIPO’s IP Diagnostic tool to support the process. At some stage, a professional support can be helpful to reveal hidden risks and potential. You can use the information you learn to build an IP strategy, create new revenue streams, or reduce risk to your business.