Too often, we forget to protect our tradename and trademark while being busy with our tech developments, but it is an underestimated value against a relatively low cost that should be protected at the right time.
Many founders forget about trademarks to protect their company / product name and logo. When they come up with their name, they usually first look if the URL is available, and when that seems to be the case, they think they have a unique name so everything is in good shape. Before you know it, they are a couple of years down the road in promoting their product before they realize that their name is not protected or already taken by someone else. It is often overlooked, and I admit in those first phases is not as important as getting your product market ready but forgetting to protect your tradename can be a costly mistake.
The first phase of product development is usually under the radar. You are in the lab or a simulation environment trying to get your innovation to work and proof your technology-promise to investors. The only people who know your solution and its naming are usually a small circle of trusted people. After you gained that great confidence when your product has its proof of concept, you can’t wait to bring the word out there. This next phase is exciting and important because you want to proof that there is market interest and traction for your product. Your website is updated, you visit conferences and trade shows and take on every pitch opportunity you can get to get the word out about your solution to attract capital and customers.
Immediately, from that moment, you are charging your product value into your product name and its logo and for the outside world they together become an inseparable identity. You have been consciously or unconsciously been investing in this and do not want to lose it, because what would your product be without a name. Moreover, you probably have grown a personal connection to the name yourself at this point, and it would be devastating at all levels if you are forced to change the name all of the sudden.
So, before you go shout out your product and its name, you should consider protecting it by a tradename registration. First and foremost because you want to be the only one inseparable being allowed to use it to protect yourself against copycats and competitors. Secondly, because before you invest in it, you want to know if somebody else is not already owning it and avoid infringing them running into legal trouble. Lastly, it is a relatively low-cost investment and a valuable asset for the company.
There are online national (US, EU) registers where you can easily look up if your name is already claimed by another party, and you will probably find out that others already came up with your name years ago. Don’t worry, because they might be in a completely different type of business which often means you can still keep using your name, and protect it. For example, the name of McDonalds is very well protected by a trademark and tradename, but you can still start a lumber shop named “McDonalds Lumber”. The point is that any person clearly understands the difference between McDonalds hamburgers and a lumber shop. As you are working on an innovation, chances are high you can claim your name on different Classifications than the already existing or similar ones.
Lastly, you need to consider what regions you want to protect. There are many true stories about countries who copy everything, but that is usually in more common type of industries like clothing, electronics etc. However, some countries or regions are simply not worth to invest in protection as defending is hopeless. Take a similar approach as you have done with your patents; figure out your high potential markets and those are the regions you also register your tradename and/or trademark. It is a choice to register both, but usually it is hardly any extra cost so definitely worth it. A well recognizable brand logo is often more worth than you think.
Lastly, you need to consider what regions you want to protect. There are many true stories about countries who copy everything, but that is usually in more common type of industries like clothing, electronics etc. However, some countries or regions are simply not worth to invest in protection as defending is hopeless. Take a similar approach as you have done with your patents; figure out your high potential markets and those are the regions you also register your tradename and/or trademark. It is a choice to register both, but usually it is hardly any extra cost so definitely worth it. A well recognizable brand logo is often more worth than you think.
The next step is that you ask quotations based on your considerations to a few reliable trademark agents to handle the process for you, perform a deep search, file the National registrations, and handle the communications. During the application you can use ™, and when accepted and fully registered, you are allowed to place ® with your product name.
What is the difference between a trademark and a tradename?
A trade name is the official name a company uses to conduct business. A trademark is a symbol, word, or phrase that identifies and distinguishes a company's products or services from others.
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