You want to spread the word about your business ... but you also want to keep your innovative product or clever brand name safe from rivals, counterfeiters or rip-off artists.
What to do? Safeguarding your company's intellectual property through patents, trademarks or copyrights will allow you to seek damages, a big deterrent to imitators. Here's a brief overview of all three types of protection.
- Patents. Issued by the U.S. Patent and Trademark Office (USPTO), a patent is easily the most expensive— and most valuable— protection for an entrepreneur with a innovative product or business method. A patent essentially gives you a mini-monopoly for twenty years. The application process can be a bit complicated, so it's wise to use the services of a patent attorney. Costs generally range from $2,000 to $10,000, depending on complexity.
- Trademarks. A word, symbol, logo or image that identifies a product or service can be trademarked, as can a scent, sound or color (such as Tiffany Blue). There are more than forty classes of goods and services, and you can register a trademark (for a fee) in more than one category. A pastry shop owner, for instance, could register a trademark in both the food class (in the goods category) and the restaurant class (in the services category). You can conduct a free search to see if a mark is already registered on the USPTO's Web site using the Trademark Electronic Search System. The filing fee is $375 if done by paper and $275 to $325 if done electronically.
- Copyright. A copyright protects original works, such as poetry, novels, movies, songs, computer software and architectural designs. A business, for instance, might want a copyright to protect its training manual. Original works on a website (such as writings, artwork or photos) may be copyrighted. Copyright law does not protect domain names; instead, the nonprofit Internet Corporation for Assigned Names and Numbers handles domain name system management. The fee for a basic copyright registration is $45 when you submit a paper application, or you can lower that fee by filing through the U.S. Copyright Office's online system for $35.
Thank you, Colleen DeBasise
[Adapted from the book THE WALL STREET JOURNAL COMPLETE SMALL BUSINESS GUIDEBOOK (Three Rivers Press, Dec. 29, 2009)]
[Adapted from the book THE WALL STREET JOURNAL COMPLETE SMALL BUSINESS GUIDEBOOK (Three Rivers Press, Dec. 29, 2009)]