Independent entrepreneurs who invent a new tech device or think up a catchy slogan or business name should act quickly to patent and trademark their ideas without hesitation.
It is vital to claim intellectual property as soon as possible. Failing to do so could very well mean a competitor trademarks or patents the same idea, whether it be by coincidence or with the intent of stealing your work.
Losing your intellectual property rights also makes you susceptible to copyright infringement claims and legal action if you brand a claimed invention as your own. In the intellectual property world, first-come, first-served is by and large the rule. The business that files first has the lucrative, exclusive rights to officially license its protected works.
In addition, applying for a patent or trademark is far from a fait accompli. There are several ways to help ensure success. Paramount is verifying that your idea is indeed new. Use every tool at your disposal, starting with an official search option available through the U.S. Patent and Trademark Office verified database.
Google and FreePatent Online are additional, superb search engines that cover the U.S., Europe, and other parts of the world. AI-assisted queries may also yield good results. As with all data collected, it is extremely important to fact-check for accuracy.
Business owners might also consider employing a patent attorney or searcher, who would have access to more data than you may be able to discover on your own. This can be especially important in the tech sector, where new creations seem to appear overnight.
Examples of patents include everything from new and more efficient device chargers and impenetrable bike locks to energy reduction apparatus. Perhaps the most famous patents are Alexander Graham Bell’s inventions of the telephone and the light bulb.
Be ready to explain to a patent official how your product is new or makes a notable improvement on an existing item. You also need to show that your creation is distinct as opposed to making minor changes to existing inventions.
Trademarks, unlike patents, refer to logos, slogans and brand names. Iconic examples include the Prudential Insurance Piece of the Rock, Coca-Cola and Breakfast of Champions. A great marketing tagline or logo can garner substantial revenue, underscoring the urgency of obtaining a trademark in a timely fashion.
To start, ensure that an official has the proper information to evaluate your proposal. Avoid general, vague responses, such as stating a request for a technology patent without detailed information.
Holding a trademark or patent can do wonders for increasing revenue. Trademarks and patents enhance your business’s identity and recognition, which fundamentally enables you to stand out among imitators to win customers. In addition, it gives a company extremely valuable legal leverage so that it can avoid messy legal challenges from competitors.
Obtaining trademarks and patents should be first on your to-do list after creating a new product or catchy logo and slogan. Owning your intellectual property puts you in a prime position to profit as a result of your ingenuity and hard work.
