When it comes to inventing products, understanding the differences between patents vs. trademarks and the pros and cons of each, is something every inventor needs to know early on in the invention process. In hopes of helping you figure out which IP strategy is right for you and your invention, in this video I share the basics of both patents and trademarks, as well as my personal thoughts on the pros and cons of each. While every situation is different, the product protection strategies covered in this video are two that should be considered and discussed with an IP professional early on in your product development process. If you have any questions or thoughts you'd like add, please add them in the comments below and I'll do my best to respond as quickly as possible.
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Patents versus trademarks. I get more questions on this subject probably than anything else, and I have some very definite thoughts on it that's probably gonna differ from what you might hear from somebody else.
So let me just preface all of this by saying that, of course, when it comes to legal matters, you should absolutely consult a professional. So these are just my opinions as an inventor and an entrepreneur who has brought, gosh, over 30 different products to market now. And so this is really just in my experience. This is how I feel. Patents are tricky. There's definitely a place for them but you must know at the right time to file a patent if you even want to file a patent because the really important thing that I want to stress is that a patent is only as good as the depth of your bank account really because if you can't afford to defend a patent then what's the good in having it?
My very first mentor had created a product that we all know about. It's called the head tingler and she was knocked off by many people and when she went to defend that patent it cost her $750 ,000. That number would be MUCH higher today. How many of us have that much money to defend a patent? So before you dig into your pockets to go file a patent, I really want you to think that through. Do you have the money to defend it?
Now, when it comes to patents versus trademarks, I think as independent inventors, many times we are on a tight budget, we are bootstrapping, and we have to decide where we're going to put our money.I happen to believe that a trademark can be one of the most valuable assets that you can have, and if you are on a limit limited budget, that means you probably can't afford to defend your patent.
I would highly recommend thinking about a trademark because especially in the consumer goods industry, a really good name can become your most valuable asset.
A very good example of this is Spanx. I love Spanx. I love Sarah Blakely. It's an incredible story behind it. it. But what's interesting is that she did file a patent and she was on a limited budget and to this day she has probably been knocked off by over a hundred different companies and to this day she has never defended her patent.
She's chosen not to. She's never needed to. Why? Because she came up with an amazing name and she trademarked it and that name became became so synonymous with shapewear that that's the only product any of us girls want when we're searching for shapewear.
So that's a great example. Another great example I think of is Oreo cookies. When you think of those chocolate wafer cookies with that cream filling, do you think of Hydrox or do you think of Oreo? Oreo was an amazing name that was trademarked and that is their most valuable asset. that's the most important thing about it. So that's one of the things that I think So that's one of the things that I think So that's one of the things that I think So that's one of the things that I think really important. Also, many times a trademark is more valuable than a patent.
And the reason for that is because a trademark lasts forever and a patent has a limited lifespan. As many of you know, a patent is typically 20 years. That can differ slightly. But a trademark lasts forever as long as you remember to renew it. The other part of that that is amazing for us new inventors is that it's very inexpensive to file a trademark.
You can go to LegalZoom and I think their packages started about $199 plus a government filing fee also takes less time than a patent. So with a patent it's going to take up to three years many times and even more than that sometimes depending on a lot of different variables and it's going to cost you upwards you know beyond $5 ,000 sometimes up to $10 ,000 and more–where a trademark is going to cost you $199 filing fee, as I said, or $199 plus the filing fee. And it's going to take roughly 13 to 18 months.
So those are just my initial thoughts on the subjects. Again, I want to say that I think it sounded like I was really skewed towards trademarks, which I probably am. But as I said, there is. definitely a place for patents. You just wanna make sure you're using it properly. You're filing it at the right time and that you are hiring somebody that can really file it properly so that you're getting the claims that are gonna be meaningful to you.
I hope that was helpful. And if you think it might be helpful for someone else, would love for you to share it, would love for you to comment and tell me what you're thinking. are. And if you have any additional questions, I can come back here with another video to follow up.
