For a startup or small business, an IP audit is essential for various reasons:
1. Value Assessment: It helps determine the value of IP assets, which can be pivotal when seeking funding or during the valuation of the company. 2. Risk Identification: Identifies potential legal issues or risks associated with the use of certain IP assets. 3. Protection: Ensures that all necessary protections, such as patents, trademarks, and copyrights, are in place. 4. Strategic Planning: Assists in strategic planning, including market expansion and licensing agreements.