Intellectual Property (IP) is the legal concept of ideas that are eligible for legal protection. Patent, Trademark, Copyright, and Trade Secrets are the main categories of intellectual property law in the United States.
Trademarks are part of marketing and advertising and are the anchor of any brand recognition effort. A new trademark, either a word, slogan, or logo, requires a clearance to ensure that it is available for use and does not infringe any other trademark. With millions of registered trademarks in the United States, you can’t assume that someone hasn’t already had the same idea. On the other side of the coin, existing trademarks need to be enforced to ensure that no other entity is trading off the good will you have built up in your brand. Strong trademarks can help your business make more sales.
Patents are a very powerful tool for obtaining market exclusivity. Only new and useful inventions can be patented, but an issued patent can lead to many years on the market without competition, and the pricing power that represents can be significant. The price difference between brand name and generic drugs is a common example. Attempts to sell or license an invention require rights granted by an issued patent. Patented inventions can improve pricing and enable licensing of your invention to other manufacturers or service providers.
Patents and trademarks can help your business make more sales at more desirable prices and should be part of any business plan.
For more information about how patent or trademark protection can help your business venture, contact our firm for a consultation.