In recent years, Tongzhou district has been focusing on the development needs of innovative enterprises and increasing incentives and subsidies for patents. [Photo/WeChat account: wxtzfb]

In recent years, Tongzhou district in Nantong has been focusing on the development needs of innovative enterprises and increasing incentives and subsidies for patents.

In 2019, the district spent 11 million yuan ($1.7 million) on subsidies for patents, realizing transformation from patents into dividends and supporting the development of innovative enterprises.

To further increase subsidies for patent authorization independently researched and developed by enterprises, Tongzhou district issued new measures on intellectual property (IP) funding and incentives in September.

Jiangsu Yingfeng Electronic Technology Co Ltd submitted an application immediately. "It's good news for us that the subsidies for patent authorizations have increased this year," said Li Xiaojun, the head of the company. "With the government's support, we have more confidence in independent research and development."

According to the statistics, from January to August, Tongzhou district has accepted 3,440 patent applications and authorized 2,698 patents. At present, 125 enterprises have applied for the subsidies.

To accelerate the two-way transformation between IP and property, the Tongzhou district market supervision administration has also established a fast track. It has taken the initiative to contact 14 townships, subdistricts and parks, collect 132 items of required information, and provide assistance to 56 enterprises that need that proposed patent to be examined promptly.

As more and more attention has been paid to intellectual property, governments and companies have been innovating IP finance continuously. Tongzhou district continues to promote IP pledge financing and the transformation and application of patents, and alleviate the shortage of enterprises' funds.

Ten companies have handled intellectual property pledge financing with an amount of 75 million yuan.