At times, corporate stakeholders may consider IP due diligence as slowing down business instead of creating and preserving value. However, proactive trademark portfolio development and management can often streamline business resources, help jumpstart new brand initiatives, generate added asset valuations and minimize downtime when expanding into new territories. This article discusses important trademark basics as well as common questions and issues in-house counsel often encounter during due diligence or IP audits.
What Is a Trademark?
At a very high level, a trademark can be any word, phrase, symbol, design, smell, sound, etc., or a combination of any of those, that acts as a source identifier for a business’ goods or services. If something is recognizable by consumers as representing the goodwill of a business, that can be a trademark. The terms trademark or mark and “brand” are sometimes used interchangeably.
