Your business has an inventory of your raw materials, finished products and stock on hand? What about your intangible assets?

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Unlike hard/tangible assets, such as machinery and equipment, which depreciate over time, your intellectual assets appreciate over time as you invest more into their development. It’s not just patents, trademarks and copyrights. Your IP assets go well beyond the technology that gets baked into your products to include branding, know-how, trade secrets, and more.

Like physical assets, your IP assets must be acquired and maintained, accounted for, valued, monitored closely, and managed carefully to extract their full value. If your business doesn’t know what intellectual property it owns, you can’t manage and protect it from damage or loss. Instead of putting your IP to work, your company faces a number of potential risks including loss of income, infringement claims, and employee theft of trade secrets or valuable know-how.

An IP Audit is more than just a list of your IP assets. It’s a tool that helps you make sure your rights are secure, find new revenue opportunities, and increase your business value. In 2014, the UK conducted an IP Audit study of small and mid size business. The results showed over 40% of the companies identified new business opportunities, and one third reported increasing their revenues as a direct result of the IP Audit. In addition, about 20% reported securing new financing as a result of the IP Audit.

IP is your most important business asset. Regardless of what type of product or service you offer, your business is always using and creating some form of intellectual property. If you don’t know what you have, you can’t manage it. Just like physical assets, such as raw materials, finished goods and equipment, you need an IP inventory to effectively manage and make money with your IP assets.

Mr. Brenner has over 30 years IP management and licensing experience with various industries including consumer products, food, entertainment, software,health technology, medical devices and digital media. He has led international licensing programs as both licensee and licensor, and through consulting projects focused on strategy and management, outbound / inbound licensing initiatives, and IP audits and due diligence.. He has developed and managed deals with Fortune 1000 companies including Universal Studios, Fox Interactive, Sony Pictures, Dow, Cargill, SmithKline Glaxo, Ranir, Coca Cola, Kellogg’s, Hasbro, Mattel, and others. He is a public speaker and published writer, and has taught classes at the university level. His speaking events have included UC Irvine, Tritech/SBDC, Irvine Chamber, Fast Start Studios, ICFO Investors Conference, San Diego Investment Conference, Westlaw Legal Center (NYC), National Speakers Association, and the Hong Kong FilmArt Expo. He has written several articles on licensing intellectual property which have appeared in the Licensing Journal, Intellectual Property Magazine, and License India.

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