Even More Reasons Why You Need a Trade Mark
Previously we looked at the benefits of getting a trade mark (click here). A trade mark is a sign used to distinguish your goods and services from that of others. Indefinite renewal, protecting value, easy protection, additional revenue are all good reasons to secure a trade mark, but there are even more benefits.
1. Another form of revenue – owning a trade mark means you have a piece of property that you can license. You may want to enter into deals that allow your mark to be used on other products or in association with another brand. For example, Crocs’ many collaborations are examples of successful trade mark licenses. Products can even be made on licence, such as a beer that is owned by one company being brewed and bottled by another company in a different jurisdiction. You will need to monitor for quality production, but entering into a licence could be a method of making money that involves less physical and/or day-to-day work for you.
2. Grow your brand, get even more protection – the most famous brands in the world benefit from ‘well-known’ mark protection. This means that they can stop others from using similar marks even if the goods or services are not similar. This type of protection is used to stop others from taking advantage of the reputation that has been built up by these famous brands.
3. Use an asset – intellectual property valuation is still a relatively unexplored concept in the region, but it is growing in importance. The Jamaican Intellectual Property Office in collaboration with the Caribbean Development Bank has already developed valuation guidelines. Trinidad and Tobago’s Companies Act allows for a charge to be leveraged against trade marks. The ecosystem for valuation is being developed, which means that one day, you could approach a lender and secure a loan with your trade mark. Remember, trade marks are an asset just like land, and they hold a real financial value on your accounting books.
4. Future planning – if you register a trade mark, you have a 5-year period in which to use it to ensure the mark remains validly registered. This means that you can ring-fence your prospective market space while developing your idea, rather than waiting and potentially losing out because someone else beat you to the registration.
Clover® handles the trade mark registration process from start to finish. We advise on the viability of your marks, the categories for registration, and handle all paper work with the Intellectual Property Office. Contact us today to discuss your trade mark needs.