Expert: Shannon Moore - 9/2/2010

Question
Hi Shannon,

It's wonderful that you do this.

I have an idea for a product; and a name I believe might be the best part of the idea. So it is very important to me that I protect the rights to the name to go with the idea.

I have no real means of being able to fund my idea. A more realistic approach for me would be trying to sell my product idea to someone already in that industry. Can you explain how I can go about doing this past making up a Powerpoint Presentation????

Thank You

Paul

Answer
Dear Paul,

It is not possible to protect ideas but rather the representation of that idea so you're on the right track in regard to protecting the name.

To protect a business name within your industry, you would apply for a trademark.

Trademarks can be names of products or services, logos, slogans, packaging and even sounds and smells. In essence, a trademark can be almost anything that is used to identify a particular product or service. Registering a trademark grants the owner exclusive rights to the mark within the specified industry.

It's necessary to have comprehensive research on the mark done prior to filing to ensure that there is no possibility of infringing upon another party.

This entails searches of the pending & registered Federal and State trademark files as well as the US National Common-Law files. Then, if clear, you can decide if you would like to file for a Federal or a State trademark.

To register a trademark, that's done either through your Secretary of State for a State trademark or the US Patent & Trademark Office for a Federal trademark.

If you are only conducting business in one state, then a State trademark is most appropriate. If you conduct (OR are planning to conduct) business in at least 2 states OR between the US & any other country, you can file for a Federal trademark.

Once you own the trademark, you can then look into selling the intellectual property. I suggest speaking to a trademark attorney to get started on that part of the process. Someone that specializes in trademark law is going to be your best bet in respect to all details you'll want to know.

That being said, there's nothing wrong with doing some research for yourself. Here are some book titles that are relevant:

* The Handbook of Business Valuation and Intellectual Property Analysis by Robert F. Reilly, Robert Schweihs
* Valuing Intangible Assets by Robert F. Reilly

Hope that helps! I wish you much success & happiness in all your ventures!

Warmest regards,
Shannon Moore
http://www.tmexpress.com
http://tmexpress.blogspot.com
Twitter @TradeMarkExpres