Everyone remembers the absurd gasoline prices of approximately $4-$5 per gallon or more the U.S. experienced a couple of years ago. Gas prices may have decreased since then, but they still remain at higher than average levels. Now is the time many entrepreneurs are exploring options to capitalize on alternative gasoline dependent markets, as well as other forms of clean technology.
Environmentally friendly industries are currently growing at a time when many others are dwindling. According to MSNBC, the fastest growing sectors are recycling, energy efficiency, solar, wind and water conservation. This “green” market is a hot bed for innovative thinkers and entrepreneurs who have what it takes to start a ground-breaking environmentally responsible business on their own.
A 2008 Dechert LLP Annual Report on Trends in Trademarks indicated 2007 was the busiest year ever for trademarks. There were 300,000 applications for the first time in history, which surpassed the old record of 289,000 during the Internet surge of 2000. The word “green” was the most popular branding of all trademark applications. In 2007, the number of applications containing the word “green” increased from 1100 to over 2400. This was the third year in a row in which the word “green” has significantly increased in the number of applications. Applications for incorporating the word “earth” increased approximately 60% from 550 to over 900 in 2007.
Due to the recent economic downturn, it is only inevitable that the overall number of patent and trademark applications have decreased. However, the Dechert LLP Annual Report for 2009 indicated that “applications for marks containing the word GREEN increased 32% in 2008 (to more than 3,200 filings), ECO-prefix marks were up 86% (with 1,700+ applications), and applications for more than 500 ENVIRO-marks were filed, representing a 22% jump. The word CLEAN was also a popular buzzword, appearing in over 1,000 marks to suggest environmental friendliness, up 30% from the year before.”
While there are some industries that will suffer from the hardship of extreme gasoline prices, there are other markets that will flourish. Being environmentally conscious is a worldwide trend that will continue to escalate and intensify during the coming years. When considering starting a new business venture, think how the new company can prosper and thrive in an ever growing “green” world.