Why Trademarks Are Important to a Business: Understanding the Value of Intellectual Property Courtesy of the U.S. Patent & Trademark Office Eight hundred eighty billion dollars. According to Statista, that’s the value of the Apple brand. Not the value of the actual phones or computers or watches or ear buds. It’s just the value of their brand names, slogans, and logos. It’s the value of their trademarks. Trademarks are an essential component of any business and understanding them is crucial for any business owner. This article aims to demystify the basics of trademarks, explain what they are, why they are vital for your business, and how to apply to federally register one. The basics of trademarks
What is a trademark? A trademark can be any word, phrase, symbol, design, or a combination of these things that identifies your goods or services. It’s how customers
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recognize you in the marketplace and distinguish you from your competitors. Trademarks can also convey intellectual and emotional attribute messages about a business, which can be effective communication tools. Traditionally, the term “trademark” is used for brands that identify goods and the term “service mark” is used for brands that identify services. However, it is acceptable to use “trademark” to refer to both goods and services. A trademark: • Identifies the source of your goods or services. • Provides legal protection for your brand. • Helps you guard against counterfeiting and fraud. Trademarks are often confused with patents and copyrights, but they actually protect different types of intellectual property. Trademarks protect brand names, slogans, and logos. Patents protect new inventions and processes. Copyrights protect
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