Intellectual property (IP) is a business asset. It can and should be valued and make sure you speak to your accountant about claiming as a tax deduction. It is important to know the market you are operating in and what businesses around you are doing, so that you can stand out from them. Businesses consider valuing their IP when selling or purchasing a business, but it is important to be aware of the value of your current IP as well as any risks associated through lack of protection.
Do you know what your business’ IP is worth? Have you even considered how important IP is to your business?
IP can be made up of numerous intangible assets. These can include, brand, logo, trade mark, domain names, software, databases, trade secrets, etc; the list is practically endless. When considering your IP strategy and value of your IP, it is important that due diligence is carried out across all areas of your business, not just the obvious ones.
Registrable items such as your logo and brand can easily be trademarked to protect your IP rights, and this is a really good start. It is important to also assess other areas of your business for any other intangible assets that may also come under IP and be able to be protected. These may include marketing related areas such as individual products, trade dress, websites, etc. You may also find you have IP in technology based areas of your business such as software, databases, apps, etc. Another area to consider includes any creative assets such as literary works, audio visual material, copyright, etc.
While registration of your IP is not bulletproof, it will be good grounds for protection against claims of IP infringement from others and protects your IP from infringement by third parties. Not only can it offer these protections, it also adds definition and clarity around the owner of the IP and allows it to be easily sold or transferred if the need arises.
Once you have assessed the IP in your business, protect it! If you don’t already, you need to consider your IP as valued assets of your business. These are your identifiers and once a value is placed on your IP, you can build this into your pricing models and perhaps even claim as a tax deduction.
Make sure you reach out for advice relating to you IP needs.