When you start your venture after getting a million dollar idea, it is entirely your responsibility to safeguard it against predators and copycats. If you are thinking of starting a company, the primary thing to approach is a trademark office. Trademark is a symbol, logo, phrase or a word which is distinctive and can be associated with your company.
Some people find it really hard to believe, but there are professionals waiting for a new idea which they can mimic and can call themselves ‘entrepreneurs’. Sadly, wherever the money will be involved, people will latch on to it but there are some steps you can take to protecting the company.
As soon as you have a name or a distinct mark for your company, get it registered with the venture. The thing about trademark is, it equips you with exclusive rights which can be legally enforced and if anyone is found infringing on your mark then he can be sued in the court of law.
The important part of Trademark Registration is that you have to make sure that the mark you want to register is absolutely unique and can only be associated with your company, for instance ‘Samsung’. For this, you have to conduct a thorough Trademark Search.
The primary thing to do is, safeguard your idea legally i.e. if you have an innovation which is breakthrough in the field of technology or anywhere, you have to secure it so no one else can derive monetary profit from it. You have to make sure that you have enough legal protections which will in return shield your venture from imitations.
After getting a Patent, the idea is only yours and only you can monetize it. Patents can only be taken for innovative ideas which have specific usability for anyone.
A patent gives you the exclusive right to design and process the innovation.
The foremost thing about a venture which gives you an edge over others is your service, which should be unique. There are notable examples that have started making and manufacturing amazing products which cannot be copied easily.
Once the consumer is associated and satisfied with your company, it is very unlikely that he will move on to another company for the same service.
As soon as you get to know about someone infringing on your mark, you have to take legal actions for it. Trademark Infringement is said to occur when someone is using your trademark consciously or unconsciously without your authorization and deriving monetary profits out of it.
Trademark Infringement leads to consumer delusion about the products of your company. If your trademark is being copied somewhere else, you can file a lawsuit against the company in court.
The way and scale, on which you project your brand, steer your brand identity. Registering for a trademark can directly add on to your brand identity as the customers will associate your company with your trademark and if they come across your mark anywhere, the decision making would be easier for them.