Earn Your Leisure Podcast Episode Summary: Trademarks & Copyrights Essentials
Podcast Information:
- Title: Earn Your Leisure
- Hosts: Rashad Bilal and Troy Millings
- Description: Earn Your Leisure provides behind-the-scenes financial insights into the entertainment and sports industries, highlights the backstories of entrepreneurs, breaks down business models, and examines the latest trends in finance. Blending a college business class with pop culture, the podcast offers a unique and engaging look into the world of business.
- Episode: Trademarks & Copyrights Essentials
- Release Date: May 26, 2025
Introduction to Trademarks & Copyrights
In this episode, the hosts delve into the foundational aspects of intellectual property, focusing on the essentials of trademarks and copyrights. The discussion is primarily led by a seasoned Business Lawyer, who provides expert insights into the distinctions, applications, and strategic importance of these legal protections for entrepreneurs and businesses.
Understanding Trademark vs. Copyright
Dirk: "What's the difference between trademark and copyright?" [01:00]
The Business Lawyer begins by clarifying the fundamental differences:
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Copyright: Protects creative expressions fixed in a tangible medium, such as photographs, paintings, songs, and art. It ensures that the creator owns the rights to these creations.
Business Lawyer: "A copyright is a creative expression fixed out of a tangible medium... you can protect a photograph, a painting, a song, art. It cannot be in your head, but it has to be fixed into a tangible medium." [01:04]
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Trademark: Serves as a source identifier, allowing consumers to recognize the origin of goods or services. It distinguishes one brand from another in the marketplace.
Business Lawyer: "A trademark is a source identifier for consumers to relate back to where product or service come from." [01:04]
Ownership and Rights
Business Lawyer: "Whoever the creator of the copyright is, that is who is the owner of the copyright." [02:17]
A critical point raised is the ownership of intellectual property when hiring third parties:
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Work for Hire: If entrepreneurs hire designers or creators, the default ownership remains with the creator unless there is a written agreement transferring those rights.
Business Lawyer: "Most people think that by paying someone to create a logo, it's theirs. But unless you have them transfer their rights in writing, they're actually the copyright owner." [02:26]
He emphasizes the importance of work for hire agreements, citing companies like Disney that utilize such agreements to maintain ownership over their creative assets.
Increasing the Value of a Trademark
Dirk: "So how do you increase the value of a trademark?" [03:07]
The Business Lawyer outlines strategies to enhance trademark value:
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Quality Products and Services: High-quality offerings build strong brand loyalty, making the trademark more valuable.
Business Lawyer: "Start with great quality products and services... like the brands Coca Cola or McDonald's represent strong, well-established brands in the marketplace." [03:02]
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Brand Representation: Bold and consistent representation in the marketplace fosters consumer attachment and recognition.
Business Lawyer: "Because of how they are boldly and notoriously representing the brand in the marketplace... that increases our revenue and our value." [04:02]
He highlights how the podcast itself, Earn Your Leisure, has successfully elevated its brand by delivering quality content, thereby increasing its market value and attracting a dedicated audience.
The Trademark Application Process
Entrepreneur: "Can we get into that a little bit?" [05:16]
The conversation shifts to the practical aspects of filing a trademark:
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Initial Search: Conduct a comprehensive search through the USPTO and assess marketplace usage to identify any potential conflicts due to common law rights.
Business Lawyer: "You want to do the search not only with the USPTO.gov but also to see who is using the trademark in the marketplace." [05:18]
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Opinion Letter: Post-search, an opinion letter is issued detailing the search results and providing legal counsel based on these findings.
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Filing the Application: After thorough preparation, the trademark application is filed.
Business Lawyer: "Once we do that, we get it on file... now it takes them eight to nine months just to review the application." [06:00]
Challenges in Trademark Registration
Business Lawyer: "The office action can require either substantive response or non-substantive response." [08:00]
He explains the potential hurdles in the registration process:
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Office Actions: Government may issue requests for minor corrections (non-substantive) or raise significant objections such as likelihood of confusion with existing trademarks.
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Opposition Period: After approval, there is a 30-day window where third parties can oppose the trademark.
Business Lawyer: "Publication for opposition allows anyone in the public 30 days to oppose your trademark." [06:00]
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Legal Arguments: In cases of substantive objections, legal briefs must be presented to argue the validity of the trademark.
Current Trends and Timelines
Business Lawyer: "During COVID the most trademarks ever in history was filed." [05:18]
The episode highlights how the pandemic has influenced trademark filings:
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Increased Filings: The surge in entrepreneurial activities during COVID-19 led to record-breaking trademark applications.
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Extended Review Times: Due to the increased volume, the USPTO's review times have extended from 3-4 months to 8-9 months, potentially stretching to 12-18 months for complete registration.
Business Lawyer: "Now it takes them eight to nine months just to review the application... registration within 12 weeks from the 30 day deadline." [05:18]
He underscores the importance of patience and strategic planning in navigating the extended timelines.
Best Practices for Entrepreneurs
Throughout the episode, several best practices are recommended for entrepreneurs seeking to secure their trademarks:
- Comprehensive Searches: Ensure thorough searches to avoid conflicts and understand the landscape.
- Legal Counsel: Engage knowledgeable attorneys who can provide strategic advice based on search results.
- Quality Focus: Maintain high-quality products and services to naturally enhance brand value.
- Vigilance: Actively monitor the market to protect against confusingly similar trademarks that could dilute brand identity.
Conclusion
This episode of Earn Your Leisure serves as an invaluable guide for entrepreneurs and business owners navigating the complexities of trademarks and copyrights. By elucidating the differences, ownership nuances, and strategic approaches to enhancing trademark value, the Business Lawyer equips listeners with the knowledge needed to safeguard and elevate their brands effectively. The discussion on the current trends and the extended timelines post-COVID-19 offers timely insights, emphasizing the importance of informed decision-making and strategic planning in the realm of intellectual property.
Notable Quotes:
- Business Lawyer: "A copyright is a creative expression fixed out of a tangible medium... you can protect a photograph, a painting, a song, art." [01:04]
- Business Lawyer: "Whoever the creator of the copyright is, that is who is the owner of the copyright." [02:17]
- Business Lawyer: "Start with great quality products and services... that increases our revenue and our value." [03:02]
- Business Lawyer: "During COVID the most trademarks ever in history was filed." [05:18]
This comprehensive summary encapsulates the key discussions and insights from the Earn Your Leisure episode on Trademarks & Copyrights Essentials, providing valuable information for listeners and non-listeners alike.