Intellectual property are assets that are essentially creation of mind and patents, designs, copyright, trademark, logo etc constitutes different facets of intellectual property.
How Correct Intellectual Property May Be A Game Changer In Any Business
I would like to share few examples that will make you understand how one wrong choice of Intellectual property strategy may make or destroy a company.
Let us take an example of our very own coca-cola, a beverage available present at every nook and corner. How coca-cola is able to survive for such a long period, the answer lies in its choice of intellectual property protection.
Coca-cola opted for trade-secret over patents and till date they are successful in keeping their formulation of the beverage save and intact. In case they would have opted for patents, their product lifecycle would have reduced to 20 years as maximum patent protection lies till 20 years.
Their signature formulation would have been out in public and company would not have achieved what it has achieved.
So what does it teach us, The above example makes it clear that trade secrets is the correct and apt choice for start-ups venturing in food businesses another examples in same line would be Mc Donald’s mayonnaise recipe, KFC signature crunchy chicken.