Understanding the importance of Trademark Registration for Startups
- Date: 27 May, 2020
Most startups are prone to channel energies into efficiency, distribution of capital, growth hacks, and much more. Despite this, conformity with legal compliance takes a toll, but though it is important, it is never considered the priority. And one of the major elements of growth - Intellectual Property Rights, is ignored. It is one of the big added benefits that a startup can leverage. The IPR is a big umbrella, including trademarks, copyrights, and patents. Startups may yield fruitful results when they choose trademark registration in India, wherein safeguarding their IPR also helps increase benefit and protect the brand.
Opting to register a trademark will help businesses in many ways, as mentioned in the following ways.
Getting Protection Against Its Use
Your legal trademark rights can do much more than branding. You may also sell and license the trademark to the other companies that want the trademark. On the other hand, you have the right to sue any offender for the exclusivity of your brand that can make high profits for the company. Know that registering a mark is not an end to the process. You would like to obtain ample evidence of its usage to defend it publicly or are ready to learn hard about trademark rights.
Your licensed trademark must be unique as it is not possible to reuse any same existing mark or identical mark as a trademark. When you catch someone using your brand, you are entitled to sue the other party and seek damages. It is necessary to obtain your trademark registration to remove any possible misunderstanding amongst consumers. Your exclusive name works for your company and creates a prestige on the market where your identity is a trademark.
Enable Effortless Marketing
The fact that more rivals with products or services bomb the market never reached this summit as a necessity to stand out among the others on the market. Particularly in times when global development only includes the Internet and startup become a community. You may, therefore, need something valuable that has some market value, and that’s when a registered trademark comes to use. It identifies your business offers by using a specific name, logo. And label or through a phrase such as I’m Lovin’ It. It helps us to create immediate ties with consumers where your label is ingrained in the mind of the user, enhancing brand recognition and retention.
Creates a Company Asset
Trademark can help create a brand value when you put efforts to carve a niche in the market. You will also experience growth in the credibility of the company with a rise in brand value. Therefore, if your company is registered as a startup, you can monetize its value and ensure security due to infringement. It is also crucial to remember that a brand name should be exclusive and a trademark worthy, and therefore you should undergo a trademark search process to ensure your desired mark is available.
Helps Branding Products and Services
A trademark should best be considered as a tool that helps your startup achieve a distinct brand identity. So if you trademark a name, it ensures that the trademark or product may be renowned. It is possible to increase your brand reputation with a trademark as customers will be able to better associate your products and services. Such an arrangement works best but is not restricted to a particular industry as people would like to associate Nike with sports, and Microsoft with the IT.
Helps to Expand Your Business
Even if your trademark is not registered, you can use the tm in front of your brand name, which indicates that it is applied for registration. When it has been licensed, you will begin to use the ® mark indicating the registration of your product. Your trademark is free until the registration is complete. Having a trademark registration will make your company more versatile as you can move from sector to industry while retaining a section of your protection trademark. Also, if the business is sold, a trademark has a meaning that guarantees a certain brand value.
Globalize Your Brand
Trademark is mandatory when you are looking to take your company internationally. Having a good brand exposed to a global market has its share of boons and banes, particularly when you tap into a new market. Domestic traders need to follow the International Trademark Scheme, where the first step is to get the trademark at home. Then once the national process is complete, the business will go to Madrid Protocol for international registration.
Getting your startup a trademark is indeed an investment that will help your company thrive. On the other hand, having an IPR gives you a structure that you deserve and will help you manage it effectively. The best way to use the trademark is to effectively identify the way to brand, advertise, and market. Your trademark has more power than you can ever imagine creating an effect. Seek to simplify it and get a paper outline for your company about how you use your registered trademark. Most businesses may register the trademark as a way to attain the legal formalities and expect returns to be paid. It does not pay interest if you do not intend to make good use of it.