What’s in a Name
One of the first tasks assigned to each team was to come up with a corporate name. The first season’s teams came up with Versacorp for the men and Protégé Corporation for the women. Trump responded much better to Protégé than Versacorp. However, it did not get near the negative response from him as the second season’s men’s team.
During the first episode of season two, the men’s team led by the lone woman of the group came up with the name Mosaic, while the women’s team led by the only man on the team came up with a more masculine name of Apex. Apex team members kidded Mosaic’s Raj, calling the name feminine and then chuckled as Mosaic told Donald Trump their name the next morning. Apex got a, “Good name,” out of The Donald. His reply upon hearing Mosaic was, “Wow, that’s awful.”
Donald Trump liked both names, Magna and Net Worth, during the third season. This is important because a business name can mean the difference between popularity and success versus obscurity and failure. It should convey the expertise, value, and uniqueness of the product or service. Many great names have been trademarked, so while it may seem increasingly difficult to find a good business name, there are more good names to choose. A new name is good when it is unique, and therefore, may draw attention to your business. A good name is crucial to creating a memorable business image. Because a name can make or break a business, it should be chosen wisely. One alternative is to hire a naming firm. Naming firms have elaborate systems for creating new names and will more than likely be the most adept in helping you name your business in certain situations. A professional naming firm may charge anywhere from a few thousand dollars to $30,000 or more to develop a name. The money spent can save you in the long run by developing a better name and avoiding the legal hassles with trademarks and registration. It will depend on the nature of the business and the creativity of the owner as to whether a naming firm will be worth the expense.
There are legal considerations you must consider when choosing the right name that will help you avoid headaches down the road. A common mistake is to rely upon a state business name search performed at the state government Secretary of State’s office. This is inadequate because it is limited to that state’s list of registered business names and state trade marks. Depending on the nature and size of a business, it may be wise to do a comprehensive search in all fifty states to determine if the name chosen conflicts with any other company’s name. If you choose a name that is being used by another company, you may be forced to change your name. This is especially important if your business plan is to grow to a large business branching out to many states and beyond. Litigation over a name conflict can be expensive and easily avoided with the proper research beforehand.
You may want to consider trademarking your name and slogans. This can increase your company’s value. A law firm or trademark service will be able to assist you through this process. If you decide to sell or license your trademark, be sure to seek legal advice when drafting license and assignment agreements. This is another area where having a professional assist you is well worth the investment.