In the modern world, one of the main driving forces of economic and social development of society is intellectual potential (intellectual property), which is becoming an important part of the national economy and needs legal protection
Therefore, knowledge about the legal protection of intellectual property is important for controlling the production of intellectual property products, and its absence can lead to loss of profit and, possibly, the business itself.
If intellectual property is legally protected and there is market demand for its products or services, then it can become a valuable business asset and significantly strengthen the company's position in the market, its competitiveness, and also increase the value of the business in the eyes of investors. If a business is sold or merged with others, the presence of assets can significantly increase the value of the business.
Intangible assets, like tangible assets, can be acquired, held, accounted for, valued, and used effectively in a business. To determine their real value and turn their potential into capital, it is necessary to conduct an inventory of intellectual property.
The preliminary inventory of intellectual property assets is:
- in preparing an order to conduct an inventory;
- in the formation of an inventory commission and determining the timing and types of inventory property;
- in assessing intangible assets, drawing up conclusions, etc.
Inventory is often carried out by company employees, but ideally, inventory should be carried out by experts who, at a high professional level, can identify, control and evaluate the intangible assets of the company's business to ensure their effective use.
Information after the inventory allows you to make the right decision in the following cases:
- licensing - a company can increase revenue by licensing its intellectual property rights to third parties, and can also be useful in determining the fair market value of intellectual property in order to obtain maximum benefit from licensing agreements;
- obtaining collateral - intangible assets can be used as collateral, as lenders can take into account the company's intellectual property to determine the creditworthiness of your business;
- the need for protection - accurate information about the value of intellectual property can help a company make an adequate decision about the advisability of prosecuting violators;
- cost reduction - inventory can help identify obsolete assets, and therefore allow you to reduce the cost of their maintenance;
- mergers or acquisitions of other companies - having information about the ownership of intangible assets in your business allows you to increase its value, since investors, as a rule, evaluate the value of a business taking into account the expected profit, which largely depends on the exploitation of intellectual property rights;
- acquiring intellectual property - information about the value of your company's assets can be useful in making decisions about what type of intellectual property rights to acquire from other companies and how best to preserve and use your business's intellectual property.
Thus, the intellectual property system underlies the development of the modern economy, and the development of a culture of protection and protection of intellectual property allows business representatives to obtain an effective and powerful tool for increasing income, gaining advantages over their competitors and a stable and strong position in the domestic and international markets.
