An increasing number of small and medium-sized enterprises (SMEs) are realising the importance of intellectual property (IP) as a key economic asset in their overall business activity. Strong IP and a robust IP strategy can enable a company, of any size, to survive economic downturns as well as to grow sustainably during the boom period.
All companies own intangible assets. However, sometimes they may not recognise their own IP and especially the potential value of it for various reasons. For instance, they might not be trained to do so. This simple ‘self-audit kit’ aims to make European SMEs aware of the IP they already hold and how it can be economically advantageous for them. Intangible assets can and should be protected since they contribute to increased productivity, build an image of a company, give it a competitive edge and influence the valuation of an enterprise.