Entrepreneurs with new businesses and startups might be caught up in the excitement of running their enterprises without paying attention to their intellectual property rights and trademark registration imperatives. Running a business without legal patents and trademarks is like swimming in shark infested water. It is important to consider the importance of NK Patent Law and trademark early in the business even though you might have other pressing priorities. Legal protection for products and intellectual property can make or break your business.
The reputation many brands have and the decisions consumers make to deal with one company or the other are to a large extent influenced by the trademark of a business. Although many people do not realize it, patents and trademarks are an important asset to any business for the following reasons:
- They provide an ideal and effective means for communicating the core values of the business. The logo of an organization can in a single stoke convey the emotional and intellectual attributes, and the messages of a brand. The reputation of the company, the products and services it offers are encapsulated in the trademark. This can be a symbol, design or it can be expressed in words.
- The marketplace is a crowded zone of stiff competition, and the best way to influence the purchase decision of customers is to have a trademark that speaks to them by standing out and efficiently communicating your brand message. Trademarks provide an ideal tool for commercial communication that captures the attention of the customers
- Brand recognition is important in this era of social media marketing. Your business can effectively use the internet and social media by maintaining visibility in social media platforms. When your brand identity is the first thing visitors see when they hit search engines, the high traffic to your website will translate into high ranking and more customers.
- There is value that your trademark can provide to the business that goes beyond your core activities. In time, their value can appreciate and increase the value of your business or brand. It can pave the way for expansion and growth into new markets and industries. If you are ambitious, you can enter into a merger and acquisition deal.
- People’s minds can be positively inspired by the brand or trademarks. As a result of the positive attitude a company may be more attractive to the best talents in the industry. The right attitude by the workers can lead to higher employee retention rates. A brand name protected by a trademark can be monetized in future if you decide to sell the business. You can also use it to raise capital for business expansion from other investors.
It is, therefore important to protect your rights to the products, content and materials you have created by patenting them or registering the trademark. The legal protections will eliminate the chances of property infringement that any competitor might have about your business. Your trademark will also give your brand/business a competitive edge when customers readily recognize it.