Importance of Trademark Registration
In today’s world, young entrepreneurs are curious to solve problems around them and have been quite successful in doing so by bringing in innovation to the products or services that we undertake on day-to-day basis. Often, they are so engrossed in solving the pain area of our daily life that they forget to protect their own products or services from getting copied by their competitors. It so happens that their popular brand name is stole by others and they create wealth while the real owners suffer huge losses because they did not know how to protect their brand names.
In this article, we will understand as to why startup founders should also learn about Intellectual Property Rights (IPR) to protect their work.
So, what are the types IPR?
1. Trademark;
2. Copyright;
3. Patent;
4. Design; and
5. Geographical Indication
Above are the major categories of IP in India and what we can call as the working types of Intellectual Property Rights in India. Although all five of them are very different from each other, people often confuse them.
Increasing Relevance of IP
Recently, On April 26th, World Intellectual Property Day: Spotlight on young Entrepreneurs was celebrated. This year theme was “IP & Youth innovating for a better future” focusing on our young investors, entrepreneurs, and innovators. However, in this write-up we will stick to Importance of Trademark Registration.
IMPORTANCE OF TRADEMARK REGISTRATION
By getting Trademark Application filed, it gives the owner an exclusive right for a distinguished word, sign, design, symbol, or a device used in the trade of goods and services. TrademarkApplication gives the personalized identity which creates trust and loyalty among the customers. There are different types of trademarks registered in India. Brands like Jio, MakeMyTrip, IRCTC, Ola, Paytmare all registered trademarks.Anything can be trademarked if it indicates the source of your goods and services you are associated with. It could be a word, design,slogan, or combination of these. It could even be a sound, a scent, or a color.
Why trademark registration is important?
· Provides Uniqueness to Brand
A brand that is unique and different must be registered as every business needs a brand or logo that stands out of the crowd, which differentiates your brand from that of others.
· Increases Goodwill
A registered trademark may help you to increase value for your company or Business.These assets keep on appreciating over time. As the business grows, the value of the trademarks increases automatically.
· Gives Protection to your Brand
A registered trademark gives legal protection to your brand. It establishes ownership over the brand, name, or logo. It protects your brand from any unauthorized person.
· Easy to Identify
A registered trademark makes it easy for customers to identify the products or services. It makes a product genuine and different from others.
Trademark is valid for 10 Years
Trademark once registered can last forever but it needs renewal every 10 years and there can be case of Trademark Assignment where the Proprietor of TM is no more or wants to pass on the rights to use to others. It can be exclusive or partial rights.
Note: The trademark registration can be renewed after 10 years. However, the identity that it provides to the brand remains forever.At Compliance calendar LLPfor Company Registration we encourage the innovators, young minds, and entrepreneurs to build their startup and give their brand a unique identity. When in doubt feel free to reach out at info@ccoffice.in or connect at 9988424211.