29 Sep The Importance of TradeMark for Early Startups
What is a trademark? A trademark is a type of intellectual property that confides the use of that design, brand, name, etc. to the person who created them. It helps people to prevent their work from being duplicated and create profit for others.
In today’s world, we come across at least 3000-5000 trademarks in daily life.
We use words like Maggi, chapstick. Jacuzzi to address the actual product subconsciously when in fact these are trademarks for specific companies.
Start-ups need to get their design, product, name etc. trademarked because if someone copies or duplicates their name they can sue and protect their revenues.
These are 6 reasons why trademarks are important for startups-
Brand recognition means when the customers can differentiate it from other brands through the attributes and characteristics.
It helps to market their brand to the public, make them aware about the uniqueness and gives them an edge from their competitors. Trademarking helps the brand to attract customers, and create a vision about their brand in the minds of the public. Brand recognition is what helps you earn profit in the long run. As the profit is reserved to your intellectual property.
Attracts Prospective candidates to join the Company
A startup needs good candidates to join it so that it can function smoothly and without chaos. A trademark creates a positive reputation for the company and gives the job seeking people an incentive to join as it assures them of job security. A good work force is needed for a company to achieve its three major objectives growth, diversification and profits. A trademark is also crucial in seeking approval for financial help as every new business needs funds to operate which is usually a big amount and is not available to individuals in their normal liquid assets.
It Reduces Legal Risks
A trademark gives assurance that no other person can duplicate your work and use it to their own ends. The contrary opens the door of many lawsuits to the business. If you created a brand and someone else started using it and registered it, then they can claim all your work as their property and your hard work will keep lingering in losses and even court fees. You will be coerced to alter your name,design and everything you can up with ingenious, change the website, campaigns and all the money you spent will be for nothing. It provides a high level of protection.
A Trademark has indefinite Life
A trademark only needs renewal for periodic renewals. The giant corporates like Nestle, tata etc. have been leading the business world for a long time. They will continue to operate and thrive with the same name for eons to come . For such advantages hire a good IP service provider and do thorough research before registering your trademark. Keeping this in mind a startup can reach heights in the market by logical thinking and ensuring that the name they are going for isn’t already trademarked by someone else or it might lead to a pile of numerous legal issues.
A Valuable Asset for the Company
The trademark adds value to the startup and acts as an amplifier by increasing the brand value and helps to expand. It aids in marketing and creating a unique and differentiated image for customers. Trade marks also entices customers to entrust their money in the brand thus creating a solid customer brand relationship.
It gives a sense of Autonomy
The market is like a pond with several fishes trying to stay alive. You can find a plethora of brands ranging widely in their work and functions trying to market their products and services to a large number of people. Being a startup in this battleground is a tedious task and staying afloat trademark can act as a pivot.It allows a firm to safeguard its identity and shrouds it in a protective covering for it’s prolonged operations. It will save both time and labor of the brand.
Trademarks are also essential for the following reasons:
- Diversify the business
- Franchising and licensing
- Attain value and goodwill
Therefore registering a trademark should be the top priority of the company as it will provide several of the benefits mentioned above and act as a catalyst in the success of the business. Securing in the starting is better as it is always said “PREVENTION IS BETTER THAN CURE”
You can contact us through the form below or if urgent you can take online consultation and get expert legal assistance regarding the process or status of the trademark. We can help you keep the status of your trademark on track and make the process hassle-free for all our clients.