Keeping your IP secure
Having invested in generating or acquiring IP, it becomes essential that your organisation’s IP portfolio is managed most effectively. Also important is that as your company continues with its research and development of new products, that this newly generated IP is captured, assessed to ensure fit with corporate long and short-term plans and, where appropriate, suitably protected.
Wrays assists organisations to develop IP management processes and structures which enable the effective management of their IP portfolios in-house, whilst ensuring IP activities remain consistent with business objectives.
This may simply involve setting up an effective database and records management system which allows a company to keep track of its IP portfolio to ensure that important dates are met, and which enables easy access to the information they require. Alternatively, it may involve guidance with the development of effective IP policies and procedures for key personnel to follow.
Wrays also works with individuals that may already have some responsibility for IP matters within an organisation with the aim of helping them deal more effectively with such issues. Alternatively, we can assume the role of IP manager within an organisation on a part-time basis as required, thereby freeing up other key personnel to work in roles in which they are most effective.
We will assist with setting up regular searching strategies to effectively monitor the IP landscape in specific areas of technology and hence help keep a business abreast of what its customers and competitors are doing – either as part of an in-house IP management role, or as a one-off project service.
IP Audits & Reviews
Many organisations find that, over time, their IP portfolio has become fragmented such that the knowledge of their actual IP holdings becomes unclear. This is particularly true when businesses are sold, come under new ownership or are restructured.
Wrays assists companies to review the nature and extent of their IP holdings to help obtain a clear picture of what is owned. ‘Getting its IP house in order’ in this way is essential where an organisation is seeking to ensure the effective management of its IP. It can allow a company to make decisions about any rationalisation of its IP assets, and can assist senior management with any decisions regarding short and long-term strategic business plans.
Information regarding current IP holdings is also essential in capital raising ventures, as well as in negotiations for commercial arrangements including M&A activities, and regular/timely IP audits can allow a business to keep on top of its true IP position.
In cases where only a preliminary or cursory assessment of a company’s IP position is desired, Wrays can conduct a simple ‘IP health check’ instead of a more detailed IP audit for clients. Such IP health checks are typically brief, high-level reviews which involve Wrays professionals preparing a short-form report on the IP assets and IP management practices of a business. As well as providing a succinct position on a company’s formal IP asset holdings, recommendations may be provided where appropriate in respect of key areas where improvements may be worthwhile or next stage activities which may be prudent to safeguard a company’s IP position.