A systematic review of all intangible assets owned or used by a business, including patents, trademarks, copyrights, trade secrets, and other forms of protected information, constitutes a crucial management process. This process typically involves identifying these assets, documenting their ownership and usage, assessing their current value and potential risks, and developing strategies to protect and maximize their value. For example, a software company might review its codebase, registered trademarks, and any patent applications to ensure they are adequately protected and aligned with the company’s business strategy.
Such reviews offer several key advantages. They enable organizations to understand the full scope of their protected innovations and creative works, identify vulnerabilities and potential infringements, and make informed decisions about resource allocation for protecting these valuable assets. This understanding also allows for better leverage of these assets in licensing agreements, mergers and acquisitions, and overall business strategy. Historically, the increasing globalization and complexity of business operations have driven the growing recognition of the importance of these assessments.
