The Coca-Cola Company
The Coca-Cola Company was founded in 1892 by Asa Griggs Candler in Atlanta after he purchased the formula from John Stith Pemberton in 1888. It generated revenue by manufacturing and selling syrup to soda fountains, then licensing bottling rights for $1 per territory — a contract that transferred capital and operational risk to third parties while preserving brand control. By 1895 it achieved nationwide US distribution; exports began in 1899 (Cuba) and 1901 (Europe). Candler trademarked the brand and paid dividends in 1893, proving early financial viability. The model worked because it scaled without infrastructure — but failed to ensure product consistency across bottlers. This is a masterclass in leveraging intellectual property through contractual design, not product innovation.