What is a patent, trademark, or copyright in the business?

What is Patent?

A patent is a strong form of intellectual property protection. It safeguards your innovations, which are unique and solve a problem differently from others. A patent lasts for 20 years, and until then, you have exclusive rights to use, import, or make your invention available for sale.

Patents fall under 3 categories, namely:

1. Design patents

These preserve the look and feel, design, or appearance of a product.

2. Utility patents

These secure physical creations and processes. This is the most common form of patent.

3. Plant patents

As the name says, these conserve the growth of a new variety of a plant in a controlled environment. This is done through asexual reproduction.

Your work is eligible to be registered as a patent only if it’s truly unique and unknown in the area where the patent is established. Other than this, it must be successful in solving a problem.

The process of acquiring a patent requires a business to reveal their project in public. It might take up to 3 years, or maybe even longer, to achieve the patent.

Patent upsides

1. If you’re a startup, a patent can help you rapidly increase your market share

Not only do you safeguard your innovation, but you also expand the market share. And in most cases, there are increased chances of a startup being acquired. By securing a patent, startups could defend themselves by countersuing or negotiating.

2. Patents attract external investments

A unique product always lures investors. It has the potential to persuade lenders to inject fresh capital into a small business, as patent protection guarantees ROI to these third parties.

3. Patents provide an easy way to make your idea profitable

Another upside to patent protection is that it allows you to monetise your idea. A steady stream of revenue for a small-scale business can be a major benefit.

What is Trademark?

A trademark helps business owners differentiate themselves from other names in the market. Trademarks can be in the form of a slogan, logo, product name, service name, tagline, etc. Trademarks can be the simplest of things like the name of the product, the colour of the packaging, to the place that product originated, simply everything real and unique about that product. Thus, a trademark is also called a “source identifier”.

How does a business get a trademark?

Every business has certain source identifiers, like a business name or a unique logo. You can acquire a trademark informally by either using a logo or business name. On the other hand, you can also register your trademark. The second one is a formal and reliable approach. It not only amplifies brand recognition, but it also secures your business.

Why should a business get trademark registration?

1. Makes your brand stand out

With so many brands competing in the market, having a unique and recognised trademark makes it easy for your consumers to identify you. It makes your brand one of a kind. Hence, it avoids confusion amongst your consumers, and you earn customer loyalty and establish yourself with a full reputation.

2. Trademarks make your brand a valuable investment

The more your business grows, the more your trademark earns value. Just like real estate, trademarks can also be purchased, sold, licensed, or even franchised to help you obtain a loan.

3. Safeguards your business legally

A registered trademark prevents others from using your business assets, thereby lifting your brand’s status amongst your competitors. It also strengthens professionalism.

4. Grants peace of mind for the long term

Wish to secure your asset in the long run? Get a registered trademark. Once the due date approaches, you can renew it at the very same time to ensure your trademark sustains as long as you wish to.

5. Right to sue the infringers

This is one of the most important and legal benefits you could take advantage of. Once the trademark is registered, the infringers would require proper legal advice and proof to defend the trademark.

The impact of a registered trademark can help businesses create a good reputation with their consumers. Also, if your trademark resonates with your consumers, they are bound to invest in your business.

There is no end to what you can do to proactively safeguard your intellectual property while you’re running a business, and trademarks are just a glimpse of it. While they are not a magical solution, and you’ll still need to be cautious about the violations, particularly in your territory, trademarks can provide a sort of protection for the dedication you put into creating a brand that stands apart.

What is Copyright?

Copyright is often referred to as the “original”, “fresh”, or “unique” work. It is a trademark that helps a business retain exclusive rights to its original creation/launch, both now, and in the future. When a business acquires copyright, it ensures that other businesses don’t steal their idea and make a profit out of it. So, the only way to secure a business idea is to receive copyright from the government.

Which categories of businesses do copyright fall into?

Copyright covers all sorts of creative works like art, literature, music, architecture, writing, music, films, etc. While copyright is linked with creative works, it encompasses a whole range of other things that may be of practical use to the business.

Some examples include:

• Company’s self-documented marketing material
• Logos, Brochures, Designs
• Blog, Articles, White-papers
• The layout of the website
• Images, Videos, or Programmes that the company creates

These are simply some of the essential things any business wouldn't want others to breach.

How should any business copyright?

To copyright, businesses need not register or claim their work; however, as recommended by The Intellectual Property Office, brands must use the copyright © symbol, along with the copyright date on their craft. This is because the copyright expires within 25 years after the published date, and approx. 70 years after the creator’s demise. So, if you have a clear copyright date on your work, you are assured complete protection.

Benefits of Copyright registration

• Copyright protects you against claims like “accidental infringement”.
• People who still wish to use your work need to contact you and ask for permission.
• You are eligible to file a lawsuit against an individual who infringes on the copyright.

The process of registration is easy and can be done either through the office or online. Make sure your work is secured by registering your copyright at the earliest.

Difference between Patent, Trademark, and Copyright

Comprehending the difference between the various types of IP protection can help businesses ensure credibility in the long run. Now that you have understood the different types, you can decide which IPR proves effective for your creation. It is important to note that there might be situations when two IP’s may intersect. And getting both patent and trademark can prove to be even more effective, and also help you gain exclusive rights over your work.

Though the three of them are different, yet they aim to solve one major purpose -i.e., making it illegal for other brands to use or copy your work. For further help, you may also contact legal consultants who can help you in taking legal action.

Also read:

1) Best Tips for Small Business Owners
2) Is Market Research Useful for a Small Business?
3) Here's How Small Businesses Deal with Common Problems On Their Own
4) What Would be a Good Government Policy to Encourage the Growth of Small Businesses?