Many studies have found that whilst some companies understand and recognize the need to protect their intellectual property, they fail to do anything about it.
A company can have various intellectual property rights, and all of them can be protected, so it is important that they are recognized.
The following may be a useful guide for companies:
- Carry out an Audit: What IP rights exist? This will help the company discover which intellectual property rights exist.
- Identify who the author and owner is of such rights.
- Does the company own the rights/assets out right, are they partially owned or are they rights owned by a third party?
- Establish the extent to which the IP rights can be protected.
- Review the benefits of protecting the IP rights identified.
- Review the cost and timescales of protecting the IP rights.
IP lawyers can be consulted to provide further information on the above and to assist in carrying out the audit and subsequent exercises.