Elements and Performance Criteria
- Identify and value intangible assets which are key to small business
- Identify intangible assets, which are a key to the ongoing success of the small business, through an intellectual property audit
- Research appropriate sources of information and advice for protecting and effectively exploiting the small business’s intangible assets, and seek professional advice when required
- Value intangible assets so they can be incorporated into the business plan and risk assessment strategy
- Identify and select types of protection available for intangible assets
- Identify the types of protection for intangible assets, including registered and unregistered protection
- Identify relevant legislative requirements in relation to the proper use and protection of intangible assets
- Calculate the likely costs, risks and benefits of potential types of protection available
- Assess organisational requirements, and balance costs and benefits to select the most appropriate methods to protect and use intangible assets
- Implement appropriate protection for intangible assets
- Ensure all employees, partners and directors are aware of the importance to the small business of protecting intangible assets
- Implement confidentiality agreements if appropriate with employees and others who might have access to commercially sensitive information
- Search appropriate databases and other resources to determine whether the small business’s intangible assets are original, to avoid infringement of the intangible assets of others
- Follow procedures to protect intangible assets according to the type of protection required, using appropriate intellectual property professionals
- Develop and implement processes for detecting and defending infringements against the small business’s intangible assets
- Monitor the market for possible infringements of protection of intangible assets and take appropriate action if required
- Develop and implement processes to avoid infringement of the rights of others
- Use and commercialise the small business’s and others’ intangible assets
- Identify options for exploiting and commercialising own intangible assets
- Identify intellectual property of others that can legally be used by the small business for business advantage
- Identify taxation, accounting and financial reporting requirements for any gains made from commercialisation of intangible assets
- Use and commercialise the small business’s and others’ intangible assets
- Identify options for exploiting and commercialising own intangible assets
- Identify intellectual property of others that can legally be used by the small business for business advantage
- Identify taxation, accounting and financial reporting requirements for any gains made from commercialisation of intangible assets