As business owners, it is important to evaluate your intellectual property at the end of the year. Intellectual property (IP) is an important asset for any business, and it is important to take a step back and assess the value of your IP at the end of the year. Doing so will help you to make informed decisions about how to protect, invest in, and monetize your IP in the coming year.

Assess The Current State of Your IP

First, it is important to assess the current state of your IP. Are there any areas that need improvement or updates? Are there any new ideas or technologies that could be incorporated into your business? Taking the time to evaluate the current state of your IP can help you identify potential opportunities for growth and development.

Review Your Patent, Trademark or Copyright Protections

Next, you should review any patent, trademark, or copyright protection you may have. Make sure that any existing IP protection remains up-to-date and that any new protection is obtained as soon as possible. This will help to ensure that your IP is protected and that your business is not at risk of infringing on another company’s IP.

Evaluate Your IP Agreements

Finally, you should evaluate any licensing agreements that you may have in place. Are the terms of the agreement still beneficial to your business? Are there any changes that need to be made to ensure that the agreement is still beneficial? Taking the time to review any existing agreements at the end of the year will ensure that your business is getting the most out of its IP.

By taking the time to evaluate your intellectual property at the end of the year, you will be able to make informed decisions about how to best protect, invest in, and monetize your IP in the coming year. This will help to ensure that your business is getting the most out of its valuable IP assets.

Now if you want to ensure you are on the right track with your evaluation, be sure to schedule an IP Audit with us by calling 407-801-8000.