Trademark is a kind of IPR that protects certain images, words etc of a company from being wrongly used by others. The main purpose of trademarks is to make sure that the customers are not under any confusion in relation to the origin of the product.
If you look at the books of large businesses these days you will see that their intellectual property (IP) adds a tremendous amount to the balance sheet. In fact most businesses fixed assets are minute in comparison to the brand and IP value. This tells us something very interesting – yes – how much more would your company be worth if you invested more in intellectual property recognition and registration?
Any talk on the need for trademark laws for the internet invariably leads to the necessity of trademarks for different domain names. A trademark becomes essential if the consumers are going to know you and the goods or services that you provide solely by your domain name.
The most important advantage of a patent is the legal acknowledgement of an inventor’s authority over his innovation. Many unique inventions can fetch good profits for the inventor, and if they fall into wrong hands, the inventor will lose his fair rewards that can be accrued through commercial exploitation of the invention. In fact, a patent gives protection to the economic rights of the inventor over his product as well as the core idea for a certain period as decided by the relevant law.
Patents provide an inventor protection against violation of his ownership rights over the invention as well as the way of manufacturing the product by checking its unauthorized use for commercial purposes, with the help of a legal framework. It permits the inventor to take any infringer to court for violating his sole right over the usage of the product as acknowledged by the state.
A trademark enables companies to protect their sole ownership of their corporate logos or brand names. For legal validity of trademarks, they need to be properly registered with the suitable authority. This registration not only gives legal approval to the usage of a trademark but also serves as an announcement of the trademark’s existence to others so that they are deterred from using it for their own interests.