There’s a cool article here in Inc.com about the process of finding a memorable name for your company or product. Note that naming is not only about creativity; the legal aspects of trademark must be considered.
A trademark is a name, graphical logo, or other device that associates a product or service with the supplier of that product or service. Trademark law is a type of intellectual property law that protects consumers because when they see a a familiar name on a product they can be certain of that product’s source. Trademark law also protects the company that owns the trademark against competitors who would otherwise unfairly capitalize on the good will associated with the name.
Consumers occasionally might intentionally buy a knock-off of a famous brand to project the appearance of being able to afford that brand without having to pay for its quality. But when they really want the quality of the famous brand, they would be very disturbed to learn that the product they purchased was improperly labeled. Trademark law protects the company in the the first case, and protects the consumer in the second case.
If done properly, the name of your company or product will itself contribute to its value. If done improperly, your memorable name could be a source of headache if it is already in use by someone else in an industry comparable to yours. To avoid the cost and embarrassment of unintentional infringing on someone else’s property, always have a trademark search done before settling on or using a name. Then apply to the US Patent and Trademark Office to register your own trademark on that name.
If you want to learn more about the trademark process, consult an intellectual property attorney or consider coming to one of the workshops taught by Argent Place Law. A schedule of upcoming workshops can be found on the Business Education page of our website, or call the firm at 703-539-2518 to learn more.