Startups tend to channelize their efforts on productivity, resource allocation, strategizing growth and much more.
Amidst all these, legal compliance tends to take the backseat. One of the most significant value addition that a startup can leverage is Intellectual Property Rights.
IPR is a vast umbrella comprising Trademark, copyrights and patents. Out of them, trademark registration is something that can yield fruitful results for startups. Securing the IPR can help to maximize profit while also protecting the brand.
Here are the seven key reasons why your startup should go for trademark registration.
- Branding
It is best to consider a Trademark as a tool that you help your business to get a distinct brand identity. And since Trademark is any name or mark, it means your brand mark or name may drive some reputation.
Chances are, the status may grow and your brand becomes a desirable one amongst the user. Such an arrangement works best in the fashion industry though not limited to it. For instance, boasting a Nike logo on a t-shirt instead of anything another non-identifiable mark.
- Exclusivity
Since it is not possible to reuse, file the existing mark or similar mark as a trademark, your registered Trademark will be exclusive. If you catch anyone using the mark similar to yours then you have all the rights to sue the other party and claim damages.
Getting your trademark registration is essential to do away with any possible confusion that may arise amongst the customers. Your exclusive tradename works in favour of your business, creating a market reputation where Trademark is your identity.
- Makes Marketing Easy
The need to stand out amongst the rest in the market has never reached this peak as more competitors with similar products and services bombards the market.
Especially in times where going global just require the Internet and startup up is becoming a culture. Therefore, you might need something significant which holds some value in the market.
And you can have this in Trademark. It gives your business offerings a recognition through a unique tradename, logo, mark or a phrase like ‘Just Do It.’
It is used to create an instant connection with the customers where your Trademark is engraved on the consumer’s psyche that boosts brand familiarity and retention.
- Globalize your Brand
If you are thinking of taking your business global, then the Trademark is a must. Getting a good brand exposed to a global market has its own share of boons and banes especially because you are tapping in a new market.
Domestic traders need to do so by following the International Trademark System, where getting the Trademark in the home country is the first step. And once the national phase is done, your company can go for the international registration through the Madrid protocol.
- Enable Business Expansion
You can use the superlative to when your mark is under the process of registration. And once it is approved, you can start using ® mark which indicates your Trademark is registered.
Once the registration is complete, your Trademark is safe. Your business can stay flexible with trademark registration as you can exercise business expansion from one industry to another while keeping the Trademark safe.
Even if you are selling your business, a trademark has a value which beefs up the business valuation.
- Creates a Company Asset
The brand value that a trademark creates proper once it carves a niche for itself. You can also experience some growth in business reputation with the rise in brand value.
Therefore, when your business undergoes trademark registration as a startup, you can monetize its value in the future and also ensure infringement security. Remember that the brand name should be unique and worthy of a Trademark.
Therefore, it is recommended to do a trademark search before applying for any trademark registration.
- Legal rights and protection
Your statutory rights to the Trademark can do much more than branding. You can sell and license your trademark use to the other companies as well which yields you a return on the Trademark.
On the other hand, you hold the right to sue any infringers to ensure your brand’s exclusivity that can draw high profits for the business. Know that getting a trademark on record is not an end of the process.
You’d want to collect enough evidence of its use to defend it publicly or be prepared to learn the trademark protection lessons in a hard way.
Takeaway
Getting the Trademark for your business is indeed an investment that drives your business to prosperity.
Getting an IPR will give your business a structure it deserves and help manage it efficiently. It is best to identify ways to leverage the Trademark for branding, advertising, and marketing effectively.
Your Trademark has more power to create an impact than you may ever imagine. Try capitalizing it and get a plan on paper regarding how you would like to have a trademark do wonder for your startup.
Most of them may register it for the formality’s sake and expect it to pay returns. It won’t pay restitution unless you strategize to use it effectively.
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