- Registering the patent and trademark is a crucial factor for any business in India. The understanding of intellectual property and trademarks has gradually risen over the years in India, and millions of words are getting trademarked every year. Also, the currently brought Companies Act in 2013 does not permit registering a company with a name similar to a trademark. Thus, if you are a business owner or thinking of beginning a new business, it is essential to get registering the patent and trademark for the business name.
Registering the patent and trademark is a benefit for any business that evolves in value over time. In today’s time, it is crucial to stand out your products and services from your competitors. Brands and trademarks are immense tools for being unique from your competitors and getting a good lookout for your Business. Also, a trademarked brand exhibits honesty and status to customers, which is an essential factor in getting a customer’s buy resolution.
The worth of a trademark evolves like a property as the Business’s reputation cultivates in the marketplace. Like real estate assets, trademarks are nowadays purchased, traded, licenses, or even employed as security for getting a bank loan. Thus, it is significant for all businesses to secure this worthy asset.
After a trademark application is filed, the processing time for getting trademark registration could differ between 6 months to 2 years – depending on government processing. Nevertheless, priority is paid for trademark applications depending on the date of filing. Thus, once a trademark application is filed, the other file would not have a similar priority and might not be registered.
There are seven actual reasons trademarks are crucial for your Business, mainly if you are at the initial phase. The aptest is the legal protections it bestows for your brand and the lifespan, which is actually for a long time.
Holding a trademark gives your company a positive status. It also adds to the employee’s status. In addition, a trademark enhances your company’s worth and also encourages your workers.
A proper company portfolio with trademarks and other registered intellectual property contains which is recognized as hidden assets. According to experts, a large percentage of a company’s value arises from these subtle assets.
Formerly, registering marks included crossing several red tapes as the procedure needs to seem personal. Also, with progression in technology, you can register your mark online through the intelligent registration system.
Nowadays, in the modern world, consumers flooded and constantly bestowed with trademarks in daily life. Take the terms Jacuzzi, Pampers, Chapstick, super-glue, and a band-aid to name some and customers to consider these trademarks as the genuine products instead of their corresponding brands.
So, how is a trademark given a name, and what the advantages of the trademark?
Nevertheless, these giant companies weren’t born with this alliance between brand and product. They thought about a design, sign, name, or expression synced with their product concepts and registered their property as trademarks. Thus, this brings the question of how trademarks ease the accomplishments of startups and the advantages of registering the patent and trademark.
In this blog, let us look at 7 significant reasons to register the patent and trademark.
1. They generate a Brand acknowledgment
Trademarking bestows startups the security of their brand. To trademark a company name, one should make its products and services unique from its competitors and turn them into intellectual property. Thus, by this, it protects opponents from copying or stealing their brand.
2. It’s an encouragement for Employees to link
It is significant for startups to conserve a positive status when they possess a trademark. If a business tends to build a good reputation, people are liable to work with them and for them. This is valid even more when an expansion is in the picture. Being a startup, there should be more employees to grow a company. This makes the requirement for a budget which makes the trademark an important asset when given a business loan.
3. It prevents Legal Issues in the Future
When the trademark not registered, the Business open to claims from companies who did registration under a similar name, slogan, sign, or design. If that happens, a business will required to deal with varying all it came up with, like the website material, campaign, and to a great extent, their brand distinctiveness.
Thus, by registering a trademark, a startup would save itself from other companies using their products or services or replication of name.
4. A Trademark meant for Lifetime
A trademark is enduring with a requirement solely for periodic renewal. Take the aforesaid companies of Jacuzzi and Pampers. They have been power-houses in their corresponding domains for decades and will persist in flourishing for several decades.
This state’s about the significance of carrying out proper trademark research to ensure the governing body does not reject a startup’s application.
Thus, it is sensible to use the services of a well-known Intellectual property service provider with a good status.
5. It is A Company’s utmost Asset
It can catalyze enhancing worth as a startup business grows if the startup persists to evolve. Therefore, it is crucial to use a trademark for marketing strategies to help the enrichment of brand identification and bring in more consumers.
After a startup has a favorable reputation for its service or product, consumers will link its trademark with how the Business is being conducted. Trademarks majorly advantageous when a business requires them to.
- Expand its products or services,
- Branch into contract during licensing, and
- Achieve more worth by putting itself up for auction.
6. It conveys People That You signify Business
It’s no covert that trademarks provide creditability to a business’s name; like Disney, for instance. Could you visualize Disney did not trademark their brand or their name? Imagine if the legal slaughter that would result, people would battling so hard to benefit from the kingdom of success that enclosed with their trademarked brand.
However, if a business has a trademark linked to its brand, it conveys to the world and competitors that they have trust in the accomplishment of their Business and they have something worth encouraging. It sounds gloomy, but it is correct.
Would you safeguard something that doesn’t have any value? So, go the extra mile and do the registration of a trademark for your Business gives a different perspective on you through the perspective of your target consumers.
7. Provides a sense of independence
It is no covert that the market majorly built into excess of various niches, broadly ranging in function and size. It is a hard brutal scenario. Being even a small fish in the most miniature pond as a startup is super hard. With this, a trademark can be as support. After a startup builds itself, it would require building a good foundation.
They are trademarking a brand permits for a budding novice company to reduce the blows from the market wearing a safety blanket. It both indirectly and directly conveys to others that the brains navigating the Business denote Business.