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Deacon Springboard : Patents + Trademarks

Resources for entrepreneurship students who are participating in Deacon Springboard

Definition

Patents protect new inventions and grant the exclusive right to exploit the new invention to the patent holder. In order to obtain a patent an invention must be useful, novel and non-obvious. Patents must be registered with the patent and trademark office. The invention submitted for patent is subject to a rigorous evaluation and a description of the invention must be submitted.

 

Trademarks are marks associated with goods or services that serve to identify the source of those goods or services to consumers. Trademark law prohibits competitors from using the same mark on their goods or marks that are confusingly similar. The goal of trademark protection is twofold: to prevent consumer confusion, and to protect a seller's interest in protecting the goodwill it has accrued for its products.

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