In the realm of product development, there are two types of Trademarks which are highly applicable. To avoid confusion in this document we will elaborate in these two marks.
WORD MARK: comprised of words or phrases. These words can be names tied to a brand or product.
LOGO MARK: comprised of a symbol or logo artwork. These artworks tend to be very defined and unique.
The benefits of filing a Trademark include: brand recognition, increased value derived from brand recognition and familiarity. Also, the right to legal actions for infringement for improper or unauthorized usage is another benefit. Lastly, having a registered trademark will allow you to share your trademark in exchange for royalties through licensing. The benefits outweigh the negatives and typically this is a very commonly overlooked step in the IP development process.
The cost and time of filing a Trademark are miniscule in comparison to a utility patent and in the long term it can provide great benefits that initially may not be clearly perceived.
We at PMI recommend evaluating any potential trademarks and crafting well defined entry/exit strategies for their lifecycle as well as setting sound enforcement parameters, which will inevitably evolve as the brand grows. We have experience with brand infringement, trademark enforcement and litigation against national and international entities. Our team of seasoned attorneys can take a wide array of corrective actions to deter and eliminate infringing parties. Contact us today to find out how we can help you.