Over the past year, this type of question has come up in conversation with a couple of my clients. As they've been looking further into the future and considering the potential increase in the value of their business, they're wondering how to best protect important aspects of their business brand.
To provide an informative response on this, we've called upon Gregory Pang with RedFrame Law in Edmonton. Gregory's practice focuses on business, trademark and copyright law with RedFrame Law in Association with Nicholl & Akers. He enjoys serving exciting startups, dynamic small businesses and film & television production companies. Follow Gregory on Twitter @cyclaw.
Gregory is one of the many business professionals we're pleased to have in our circle of contacts. It's the expertise and collaborative spirit of individuals such as Gregory, that allows us to share these valuable insights with our circle of contacts. As we've often said, ‘there’s more to be gained by working together than can be achieved on our own.’
Please feel free to pass these and future posts along to those within your circle of contacts. We look forward to continuing to provide some of the wisdom that others have shared along their entrepreneurial journey.
NOW, please enjoy the following article, provided by Gregory Pang:
Only registered trademark owners can sue for trademark infringement. While you have to still make out your case to the court when suing for infringement, you would have one strong advantage: the law assumes that trademark registration is proof that you own that trademark. It will be up to the person you are suing to prove that they are not infringing and/or to bring forward evidence that they have better rights to the trademark. So, immediately, you would be in a position of strength with a registered trademark.
Perhaps just as important, your registration gives you 15 years (about to change to 10 years next year) of exclusive rights to your trademark, which is renewable when that time is up. Your registration rights include, among other things, the protection against others using trademarks that are “confusing” with yours. This is a powerful, because your registration rights do not just protect you from someone using exactly your trademark, but also protection from someone using something similar to your trademark so that it can be considered “confusing” with your trademark.
As a somewhat absurd example, someone’s use of the mark Moca-Cola for soft coffee-flavoured beverages would most likely be deemed confusing with the registered Coca-Cola trademark, and thus could be subject to a trademark infringement claim. While this may also qualify as “passing off”, the availability to (also) sue for trademark infringement would give the owner of the Coca-Cola trademark very powerful tools for enforcing its trademark rights.
So, to recap, below are some advantages to registration:
While those are the advantages of registering your trademark, we have to look at what that means for your business. A trademark, as intellectual property, is property of your business and thus, it is an asset. It is an intangible asset, but for many businesses, it may be their most valuable asset because it can embody your reputation and all of the good will you have built up in your business.
For example, what would that LouisVuitton man purse I’m coveting be really worth if you were to all of a sudden strip away the Louis Vuitton trademark from it? It would likely sell for significantly less than the listed $3,250 price tag.
So brands can be worth big money. While it may be hard to put a dollar value on your brand, ask yourself: how much would it cost me in business and how much would I have to spend to rebrand if someone were to all of a sudden tell me that I could not use my trademark? A registered trademark would go a long way in protecting your brand and, therefore, real value in your business.
Thank you Gregory for providing these great insights for consideration on this important topic of trademarks and intellectual property.
What's been your experience with trademarks and/or protecting your brand? We invite your comments and helpful suggestions for our audience, and please share this post with those in your circle of contacts!
* In Closing: Has your BUSINESS PLAN taken the potential value of your brand, trademark, and/or other intellectual property into consideration?
Pro-Vision Solutions Inc. has a number of helpful ways to add this into your BUSINESS PLAN!
CLICK HERE for more information and details!