born but “most die a lonely death, never seeing the light of commercial success.” As is the case with inventions, so trade secrets, utility models/petty patents and patents are relevant for protecting, managing, exploiting and leveraging innovations. Economic studies have revealed that patents are the preferred IP right sought for the protection of technological innovations. This seems to reflect the use of the terms ‘innovation’ and ‘invention’ as synonyms . Consequently, it is important for us
Using examples, explain how franchising works. How is franchising different from licensing? Franchising is a business model with contractual entry which enable many different entrepreneurs or franchisees to share a single brand name, trademarks, strategies and other assistance like training and advertising with the franchiser by paying an initial fee and continuous royalties based on the franchising agreement. It allows the parent company to expand their market coverage with more branches or stores