Most successful businesses are underpinned by intangible assets – Intellectual Property, or “IP”. In order to identify and maximise this key asset, its monetary value must be identified and then leveraged as a recognisable USP and key driver in mergers, acquisitions and investments.
IP must also be valued for the purposes of budget planning to produce cost-effective product and brand protection within an ongoing IP strategy, as well as when considering exit strategies following the sale of a business.
What is an ACID IPSR ?
An ACID IPSR is available to corporate ACID members (categories 5-8 inclusive) as a free membership benefit and is also available to other membership categories or non-members with a consulting fee of £950 plus VAT. The IPSR normally involves a visit to your premises (wherever possible) by a lawyer from the team of ACID’s Accredited Law Firms and often by a representative of ACID.
The ACID IPSR provides:
- An excellent opportunity for ACID and its accredited lawyers to find out more about your business and what is important to you, with a view to developing a bespoke strategy for the protection of your IP
- A short presentation providing a simple explanation of the IP rights that will be relevant to your business
- A thorough review of your design creation process, with a view to ensuring that all necessary steps are taken to secure protection for your IP. Wherever possible, this would include meeting members of your design team and viewing any factory premises to see the manufacturing process in operation
- Practical advice on how to ensure that your company is fully protecting, exploiting and reinforcing its IP rights
- A review of any design registrations and discussion on possible future design registrations and design portfolio strategy
- A review of any patent registrations and discussion on possible future patent applications and patent portfolio strategy
- A review of any trade mark registrations and discussion on possible future trade mark registrations and brand management strategy
- An initial review of any contracts that you use (for example, any standard terms and conditions that you use with third parties, contracts of employment and licence agreements) and recommendations on a more thorough review which may be required after the audit
- Consideration of any examples of potential infringements of your rights which you may have
- How to maximise your ACID Membership benefits
- A question and answer session to allow you to ask any questions that you have about IP protection, exploitation and enforcement, or any other legal issues
A full report will be sent to you following the visit and IPSR. Should any ACID corporate member wish to implement a full IP Audit together with budget recommendations they will need to negotiate this separately with the accredited law firm involved.
In summary, an IPSR serves to identify any areas of your business that will benefit from a one-to-one, focused discussion about your IP strategy and, essentially, it provides ACID with a deeper insight into your company so that we can respond to your needs more effectively. ACID members for who we have undertaken an IPSR have found that it has drawn issues of which they were previously unaware to their attention.
Clive Kenyon Brown, MD from Duresta
I would thoroughly recommend an ACID IP Strategy Review meeting for all design led businesses, which should include all senior members of staff, so that they may fully understand the importance and value of the intellectual property within their business.