Trademarks
Overview
A form of intellectual property, trademarks are legal identifiers that distinguish a service's or product's ownership. Anything that uniquely identifies a brand, like logos, phrases, images, and even scents, can be trademarked—as long as that identifier isn't the product's primary purpose and is distinct. To receive a trademark, brands must file with the United States Patent and Trademark Office.
Trademarks are intended to protect businesses from infringement and consumer confusion. They can also boost brand awareness, allowing companies to use exclusive branding and stand out from competitors. It generally takes less than $1K to file a trademark, but having one can be worth millions of dollars in brand value.
However, businesses risk losing exclusive rights to any trademarks that become general words (think: aspirin or thermos). Similarly, trademarks have to be maintained. Not using a trademark or failing to update the filing can constitute abandonment, meaning that trademark is back in the public domain and up for grabs.
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