THE IMPORTANCE OF TRADEMARKING YOUR BUSINESS NAME AND PATENTING YOUR BUSINESS IDEAS
March 8, 2019
Being knowledgeable about legal requirements is the ultimate value for any business. We are here to educate you on the vital information that will help in the growth of your business.
As a Startup or Entrepreneur, it is important that you patent your business ideas and trade mark your business name, product name, logo and labels. These processes protect investors from stealing your business ideas (product or services) and protect your brand from your competitors.
Having your trademark registered, gives you the exclusive right to use your business name nationwide in connection with the goods and services you’ve identified in your registration, and allows you to enforce your trademark by filing a lawsuit in federal court if a competitor uses your business name.
Patenting your business ideas prevents others from selling your inventions or ideas, which can be a product or a process that provides new technical solutions to problems. For some young entrepreneurs that may lack funds to run with their business ideas, it is extremely important that you patent those ideas before disclosing to investors.
THE DURATION AND REQUIREMENTS FOR PATENTING YOUR IDEAS IN NIGERIA
A patent is valid for 20 years once it is granted. The following are the simple process to register a Patent in Nigeria:
Conduct a search to ensure that the invention or idea has not already been patented
A petition or request for a patent with the applicant’s full name and address
A specification, including a claim or claims in duplicate; Plans and drawings if any, in duplicate
A signed power of attorney authorization of agent if the application is made by an agent
A declaration by the true inventor where applicable, and payment of the prescribed fee.
THE DURATION AND REQUIREMENTS FOR REGISTRATION OF TRADEMARK IN NIGERIA
The requirement for registration of a trademark includes; the name of the company who owns the mark, its address, a simple Power of Attorney appointing the Trademark Agent to act as its Attorney for the purpose of registration of the mark and a copy of the device or mark to be registered in Nigeria. The duration for registration of trademarks in Nigeria is usually a period of 3-4 months. Registration of trademark in Nigeria is renewed after 7 years.
ADVANTAGES OF TRADEMARKING AND PATENTING
You can file a lawsuit in federal court to enforce your trademark
Registration gives you the right to use the registered trademark symbol, ®
A patent gives you the right to bring a legal action against anyone who infringes on your registered invention
A patent gives the patent holder the right to stop others from using the registered invention.
P.S: Ensure that you safeguard your business by trademarking and patenting your business name and ideas. Follow us on YouTube “Strugz Tips" for more contents/information on staying safe with law.