The Advantages of both Innovation and Trademark Licensing
As an Innovation Owner you may have created a novel and useful product, system or technology which you are actively protecting by patenting or by locking in those trade secret/know-how confidentiality documents to protect your know-how.
As you dream of retiring off your innovation, there is often one overlooked element of intellectual property that you need to develop in conjunction with your innovation. Your Brand.
What should you do? Create a brand that allows for trademark.
Why should an innovation owner enhance their intellectual property portfolio with a trademark? Here are a few examples to get your thinking.
- KFC is a trademark brand. 11 herbs and spices is a nameless recipe secret.
- Botox is a trademark brand. No one knows the innovation name. The patent is for the modes of treatment in a clinical setting not the actual toxin produced by the Hall stream of clostridium botulinum serotype A.
- FitBit is a trademark brand. There are over 80 patents applied for by FitBit Inc which are used in varying forms to create the FitBit product. These patents have names including ‘use of gyroscope in personal fitness tracking devices‘ and ‘methods and systems for identification of event data having combined activity and location information of portable monitoring devices‘. The brand name is what the consumers ask for
What is a trademark?
A trademark is the identity of your business. It is used to distinguish your goods or services from those of another trader.
A trademark can be a letter, number, word, phrase, sound, smell, shape, logo, picture, aspect of packaging or a combination of any of these.
When you pitch your innovation, what are you calling it? What checks do you have in place to ensure that you can use that name? Even worse, you fin you are gaining traction in the market and then you have to re-brand as you are infringing on someone else’s registered and legally protect name.
It is recommended that Innovation Owners also seek trademark registration.
The advantages of seeking a registrable brand name (a trademark), can include:
- the ability to have an exclusive monopoly on your name in the products/services categories you have registered
- you can increase the value of your IP Package as you pitch to the market because you can license your innovation and your trademark
- it can help you from accidentally infringing on another entity where you pitch to market with a name that is already a registered by another competing brand – you would look a bit foolish if you had generated interest in the market and then had to rename yourself part-way through the negotiations
- and if you are considering selling your IP and retiring from the profits, a trademark could increase the value of your sale as this sits in your financial accounts as an intangible asset.
All of these reasons can create a competitive edge in the market for you.
Want to know more? Ask Untapped Agency. We license brands and innovation to commercialise and monetise.
To successfully venture into licensing, control of your brand is mandatory. Untapped Agency offers Trademarks Attorney services and is a Licensing Agency for Brand Owners, Licensees, Manufacturers and Retailers. We extend iconic brands, copyright, innovations and trademarks into innovative, new consumer products, services and promotions.