Trademarks and patents both are classified as intellectual property as these are intangible assets for a business. Intellectual property is a collection of ideas and concepts such as designs, symbols, names, images, inventions, or any artistic work. You can protect your intellectual property for earning recognition or financial benefit from what you have invented or created. But for protecting your inventions or creations, you first need to understand the difference between the two most common types of intellectual properties - trademarks and patents. This is the common area of confusion for many entrepreneurs and business persons. Though there is some similarity between these two intellectual properties but they protect different things.
Trademarks are visual symbols that distinguish the products and services of a business from another business. These distinctive signs can take many forms including name, label, logo, shape, the combination of colors, and sounds. Registering a trademark is essential for gaining exclusive rights for using the mark and protecting it from the unauthorized use. For trademark registration in Mumbai and other cities in India, you can contact a lawyer or a trademark attorney.
Patents, on the other hand, are the exclusive rights granted for the new and useful invention for a definite period. These rights are granted to the inventor by the government of the country. Apart from the inventor, no one is authorized to produce, use or sell the patented invention.
In a nutshell, the fundamental difference between a trademark and a patent lies at the core of what they protect. A trademark protects business names, logos, and other marks, while patent protects inventions. Following are some other differences between these two:
- A trademark is registered for 10 years while a patent is valid for 20 years.
- Trademark registration is not mandatory. It is discretionary i.e. it depends upon the individual whether to register the trademark or not whereas it is mandatory to register a patent.
- Trademarks and patents have different registration processes. Patent registration in Bangalore, Mumbai and other cities is often lengthier and costlier than trademark registration.