As an Innovation Owner you may have created a novel and useful product, system or technology which you are actively protecting by patenting or by locking in those trade secret/know-how confidentiality documents to protect your know-how.
As you dream of retiring off your innovation, there is often one overlooked element of intellectual property that you need to develop in conjunction with your technology. Your Brand.
What should you do? Create a brand that allows for trademark.
What is a trademark?
A trademark is the identity of your business. It is used to distinguish your goods or services from those of another trader.
A trademark can be a letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or a combination of any of these.
When you pitch your innovation, what are you calling it? What checks do you have in place to ensure that you can use that name? Even worse, you fin you are gaining traction in the market and then you have to re-brand as you are infringing on someone else’s registered and legally protect name.
It is recommended that Innovation Owners also seek trademark registration.
The advantages of seeking a registrable brand name (a trademark), can include:
- the ability to have an exclusive monopoly on your name in the products/services categories you have registered
- you can increase the value of your IP Package as you pitch to the market because you can license your innovation andyour trademark
- it can help you from accidentally infringing on another entity where you pitch to market with a name that is already a registered by another competing brand – you would look a bit foolish if you had generated interest in the market and then had to rename yourself part-way through the negotiations
- and if you are considering selling your IP and retiring from the profits, a trademark could increase the value of your sale as this sits in your balance sheet as an intangible asset.
All of these reasons can create a competitive edge in the market for you. Want to know more? Get IP Licensing Educated.
IPTIUM is a unique IP licensing educational system for Corporate Executives and Boards of Directors to up-skill in intellectual property licensing for company growth. IPTIUM courses leverage the disciplines of marketing, sales, finance and law to provide learning paradigms that are applicable to the leadership strategy requirement for high performing companies.