One of the major reasons for logging IP is that if you do not define these intangibles, they cannot be used to value your company for sale or leveraged to raise finance.
Grant Thornton worked closely with inngot to devise the sollomon valuation system and their partner Grant Thornton had these words to say about inngot and the Sollomon system “While a value indication of this nature cannot replicate individual expert analysis, it represents a significant advance on other online methods available. At the very least, it provides a consistent starting point for discussion.”
Martin, CEO of Inngot states “our system allows businesses to identify their activities, markets and specialisms and, crucially, it logs those intellectual assets which can otherwise be hard to pin down”.
Additionally Martin, indicates that “as well as formal registered rights, many companies own copyright, trade secrets, proprietary processes, databases of clients, knowledge of customers’ ordering requirements and so on. These are all hugely important parts of what makes a business successful, but they are often left in the background- they are not really thought about as IP and utilised. This is especially true of businesses working with software; they often don’t recognise that copyright provides a powerful means to exploit their innovations, as well as protect them.”
To read the whole article published by Business First which is titled ‘utilising your IP’, then click here.
Further to this, the world intellectual property organization (WIPO) provides a good description of the importance of intellectual property.