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Intellectual Property Audits: An Eye-P Opening Experience

By Joel N. Bock

Every company, from those that sell shoelaces to those that sell software for telecommunications systems, own or utilize intellectual property for their business. Every company has an identity, ie, a trade name or trademark, relies on computer systems and software and utilizes marketing, sales and/or promotional materials. Many operate a Web site and develop or sell technology-based products. These and other aspects of a company's business implicate areas of IP ' including trademarks and service marks, copyrights, patents, domain names, trade secrets, privacy issues ' and involve risks relating to the protection of such IP, use of the company's IP and operation of the company's business.

In the business world, risks are commonplace and an inherent part of doing business. The goal of any business, however, is to minimize the risks that it faces ' in the most efficient manner, using the minimum amount of resources. One of the keys to running an efficient and effective business is knowing how to manage risks in the context of the overall business strategy. In the IP arena, risks management is also possible, and it begins with the IP Audit.

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