What are the Reasons SMEs should Consider Trade Mark Protection?
Intellectual Property (IP) is one of the most important, and valuable, business assets you can have.
Why Trade Marks?
Whether you are just starting or have been trading for a number of years, you should always be thinking about protecting your IP and importantly, your brand and the image you portray to others.
One way to do that is Trade Mark protection. A Trade Mark is a distinctive sign that enables customers to distinguish your products or goods and services from those of others. It can be a word (like your brand or product name), a logo, a slogan or even a sound or smell. A Trade Mark is the legal right to protect your brand and stop others from using your ‘mark’ or something confusingly similar to your own.
The Benefits of Trade Mark Protection
There are multiple ways you can benefit from Trade Marks and their protection such as:
- A Trade Mark can be registered and renewed indefinitely, subject to the use of the mark and the payment of renewal fees every ten years, giving you protection for as long as you want it.
- A Trade Mark distinguishes your products and services from those of others, preventing confusion with others.
- A recognisable Trade Mark helps to enhance the goodwill of your brand and business and your associated goods and services.
- A distinctive Trade Mark will help to support the growth of your business
- Once registered, you can use the registered symbol ® with your mark to deter others from using your mark. Did you know that it is an offense to use this symbol if your mark is not registered?
- A registered Trade Mark is a valuable business asset – You can profit from registration by licensing your mark to others for use and gaining royalties.
- Registration allows you to take action easily against others if needed. It helps you fight against copycats and counterfeit goods, stopping any unauthorised use.
Costs of Trade Mark Protection
The costs for securing registration are trivial in comparison to the costs for dealing with Trade Mark prosecution or infringement (unauthorised use) with others, if they occur. Funding and resources may also be available for SMEs for IP protection from agencies such as Innovate UK https://www.ukri.org/councils/innovate-uk/.
Securing registered protection for all of your IP Rights, not only Trade Marks, is always recommended, and the earlier the better to avoid any potential future problems.
How can Pure Ideas help you?
IP and Trade Mark protection should be a part of your business strategy, regardless of your organisation’s size. It may seem like a confusing system, but we can help you to navigate the way.
Pure Ideas is dedicated to helping clients protect their ideas and innovations. If you are curious about how we can help you protect your ideas, please contact us.
