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One of the most valuable parts of a business can be its intellectual property. This includes the intangible assets that help set your products and services apart from those of your competitors. Whether it is a catchy name, an interesting advertising slogan, the design of your product, or how your product operates, having something unique about your business can often be the key to success. However, if you have something that helps set you apart, you are going to want to take steps to protect this competitive advantage. This is why so many businesses apply for trademarks and patents each year to guard their intellectual property. Understanding the difference between them will help you decide which is right for your business. An experienced intellectual property attorney can work with you in this regard.
What is a Trademark?
A trademark may include a unique name that you can use for your business, product, or service. These can be words, symbols, designs, or phrases that are used to distinguish your products from those of others in your field. In other words, a trademark can protect a business name like FedEX®, a product like Pepsi®, a service like Uber®, or even a slogan like Bounty is the “Quicker Picker Upper®”. Each of these is unique to the product and service, such that a consumer will immediately identify it with the brand. However, trademarks cannot be generic words that describe the product or service, such as “paper”, “coffee shop,” or “car”, unless they are used in conjunction with something that is unique. If you have acquired a trademark, you can prevent a competitor from using the same or a similar mark.
What is a Patent?
A patent is a way to protect an invention. This can be a device, method, scientific creation, substance or process. For example, a patent can protect a unique type of automobile engine. In order to qualify, your invention has to create something new or innovative, or provide a new way of creating something that already exists. A patent helps its owner prevent competitors from making the same product or using theirr process to create a similar product or service.
What Agency Governs Patents and Trademarks?
The United States Patent and Trademark Office (USPTO) governs the issuance of patents and registration of trademarks in the United States. If you want to patent a device or method you have developed with your business, you are may file for patent protection with the USPTO. This is different from a trademark, which is automatically created when you first use the name, phrase or other design in commerce. Nevertheless, many businesses choose to register a trademark with the USPTO so that they have greater protection from their competitors.
Why File with the USPTO?
If you have developed an invention, then you may want to file for a patent with the USPTO. This may help protect your invention from being stolen by another person. If you sell your invention without a patent, there is little to prevent a competitor from buying one and then reverse engineering your product to determine how it was made. By getting a patent, you have the power to sue a competitor who has stolen your invention. In addition, holding a patent allows you to license the rights to other companies to produce the product, or to use your invention in their processes. As you can see, holding a patent can often be the key to a lucrative business.
Trademarks are different. If you can establish that you were the first to use a particular trademark in commerce, then you may have the common law right to sue a third party who uses the mark or a similar one at common law without your permission. However, registering your trademark with the USPTO will give you greater protection, as it affords you the presumptive right that you are the only party able to use that trademark for the particular goods or services included in the registration throughout the U.S.
How Can You Use Patents and Trademarks in Your Business?
Patents and trademarks are useful tools for many businesses. If part of your business involves creating new products, then you may want to trademark the name of the product. This may help prevent your competitors from marketing a product that has the same use using a similar name that may confuse consumers. At the same time, if your product is innovative, you might consider patenting the product so that no one else can produce it without your approval. In this way, your patent and trademark can protect you against those who might try to steal your hard work.
Contact Us For Intellectual Property Protection Strategies
Intellectual property like innovative products and unique brand names are an excellent way to gain a competitive advantage. The experienced intellectual property attorneys at The Kumar Law Firm can assist you with developing a strategy to protect your hard work through the use of patents and trademarks. Contact us for an initial consultation.