The world of intellectual property is filled with a wide and varied set of protection mechanisms that ensure that conceptions, developments and brands are protected from exploitation or misuse. The two main kinds of protection are trademarks and patents. While they both have same objective and that is protecting the interests of the creator or owner, they differ in their nature, scope and application. It is important to understand the importance of both so that they can be used wisely and correctly.

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What is a Trademark?

A trademark is a unique sign, logo, symbol, name, word, or combination of these elements which is used to recognise and differentiate goods or services of anyone from others in the market. This helps consumers identify the source of products or services, confirming they can easily identify and trust the brand behind them. Trademarks are first and foremost used in business to establish brand individuality and avoid misunderstanding in the square or marketplace. A trademark is not for a specified or special product, it can be used to characterize variety of products or services that a company or business provides. For every trademark, there is need of trademark registration.

Types of Trademark

Trademarks can be categorized into several types based on their purpose and how they are used:

1. Word marks: It consists of words, letters, or numbers. These can either be simple names or combinations which denote a brand.
2. Device marks: These marks highlight the precise manner in which a word, letter, or number is crafted. The different styles in writing these characters will be what characterizes them as a trademark.
3. Figurative marks/ logos: These are images or logos and they depict a brand. This can be a very graphic symbol that is somewhat bold and has a connection to a company.
4. Certification marks: This ensures consumers that a product undergoes certain standards. It shows that the product has been tested for quality or safety.
5. Service marks: A service mark is a mark that will apply to a service, not to goods. Service marks help determine which company provides a specific service.
6. Collective marks: This kind of mark applies to a group of businesses or organizations. This means that the products or services result from the membership of some defined group.
7. Well-known marks: Such are trademarks that most people can easily recognize. They have become famous in the minds of consumers, and they associate them with specific brands.
8. Unconventional trademarks: This is a specific type of trademark that is usually anything other than logos and brand names. They include unique signs that can help people identify a brand through colours, sounds, shapes, and even smells.

Also Read: Trademark vs Copyright: Key Differences Explained

Benefits of Trademark

Having a registered trademark comes with a host of advantages: 

• Brand recognition: A trademark creates a brand identity and allows customers to easily recognize the product or service source.
• Legal protection: Registering for a trademark gives legal protection counter to others who may use the similar mark or any sign, preserving the brand from breach. 
• Limited rights: A trademark holder has the exclusive authority to use the mark in connection with the goods or services it is registered for. This right stops others from using the mark without consent.
• Market value: A robust trademark becomes a valuable asset overtime. It can increase a business’s goodwill, attract investors, and increase market value of a business.
• Nationwide coverage: A registered trademark offers safety across the country, also, when the business works in one place. This gives surety that the opponents can’t use a same trademark.

What is a Patent?

A patent is a legal authority given to an originator or creator for a fresh, original and useful invention, procedure, equipment or matter composition. This right allows the inventor to dismiss others from making, using, selling or distributing the invention for a specified period of time. Patents are granted to boost innovation or inventions by permitting inventors to profit from their inventions without fear of being copied by others.

Also Read: Necessity of a Patent Registration for Your Invention

Types of Patent

There are 3 types of Patent:

1. Utility patents: The first and most common type of patent is utility patent. These patent protect, guard and save new invention or discoveries which offers a valuable purpose. This can be anything a new machine, technology, chemical composition, or a new way of doing some work. A utility patent lasts for 20 years from the date of filing. However, to maintain the patent, the owner must pay a renewal fee. These fees are due 3.5, 7.5 and 11.5 years after the patent is granted.
2. Design patents: These patents guards the ornamental and artistic features of an invention. Design patents don’t hide functional aspects of the discovery but rather focus on its unique design or form. Unlike utility patents, design patents protect only the appearance of a thing, not its function or structure. A design patent lasts for 15 years from the date of grant and does not require maintenance fees.
3. Plant patents: Plant patents are given for the discovery of new plant varieties that are reproduced asexually (a mode of reproduction in which a new offspring is produced by a single parent. The new individuals produced are genetically and physically identical to each other, i.e., they are the clones of their parents). This type of patent permits the discoverer to prevent others from replicating or selling the patented plant variety. A plant patent is granted for 20 years from the date of filing. Like utility patents and plant patents require maintenance fees to maintain the patent.

Benefits of Patent

The benefits of obtaining a patent are momentous and comprehensive:

• Exclusive rights: A patent gives right to the holder for the discovery or invention they have done, to prevent it from using, making, or selling the original creation without approval or permission.
• Encourages innovation: Patent registration helps inventers to grow and share their work like whatever they have invented with the public, which can help in further novelty and progress of new and different technologies and other things
• Monetary rewards: Patents can give financial advantage to the patent holder. A patent holder may authorize the origination to others for a fee or royalty, or sell the patent directly for a profit.
• Market expansion: A patent can help in opening out in international markets, as patent are given in specified countries and places, providing security and growth opportunities outside the local market.
• Increased value: A collection of patents can add value to a company or a business, attract potential venture capitalist (investors) or business partners who see the possibility of safe innovations.

Difference between Patent and Trademark

Conclusion

Even though trademarks and patents are forms of intellectual property protection, they work for different purposes and used in diverse perspectives. A trademark mainly focuses on protecting brand’s identity, ensuring that the customers can differentiate between different businesses or products, on the other hand, a patent look after new creations, granting exclusive rights to the inventor for a certain period to prevent others from copying or using the invention. Understanding the difference between a trademark and a patent is critical for originators and businesses who want to guard their intellectual property and gain a competitive edge in the marketplace. Whether it is a unique product or a recognizable brand, both trademarks and patents play an essential role in the world of innovation and business.