Trademarks are crucial for startups as they represent the entity, goodwill, and brand value associated with the business
Its protection is critical for any startup as it offers long-term benefits, competitive advantage, legal security, advertising benefits, and is useful for raising funds.
Startups should follow best practices for trademark protection, such as conducting a thorough trademark search, choosing a strong trademark, regular usage of the trademark, and constant monitoring of competitors, to safeguard their brand identity
A trademark, as the term suggests, is an intangible intellectual property (IP), which may be in the form of a word, symbol, design, logo, or an amalgamation of any of these. All these things set the identity of a business entity and make it different from others. Trademarks not only carry the identity or recognition of a business but also enhance its goodwill, thus helping in getting new clients.
According to Section 2(1) (zb) of the Trade Marks Act 1999, a trademark refers to any mark capable of being represented graphically and which has the capability to distinguish the goods and services of one person from those of others. This may include the shape of goods, their packaging, and the combination of colours.