IP pledge financing helps firms in NETDA

A vertical parking lot developed by Jiangsu Parktec Parking Equipment Co Ltd. [Photo provided to NETDA]

Jiangsu Parktec Parking Equipment Co Ltd was established in Nantong Economic and Technological Development Area, or NETDA, in Nantong city in East China's Jiangsu province in 2011.

Its output value has been climbing continuously in recent years, from 120 million yuan ($17.87 million) in 2020 to an estimated 300 million yuan this year.

Thanks to intellectual property (IP) rights, vigorous pledge financing promoted by the NETDA has helped the company survive during the COVID-19 pandemic, and also  boost its performance, according to the company's general manager Cao Peisong.

In 2020, at the initial period of the COVID-19 outbreak, Parktec faced some serious challenges. During that time, NETDA's market supervision bureau introduced IP financing products and enterprise-assistance policies to the company.

Parktec then selected three out of 100 patents it owned and borrowed 5 million yuan from the bank.

According to Wang Ruitao, director of the market supervision bureau, in recent years, NETDA has issued a series of supportive policies and measures to encourage and guide enterprises to strengthen the creation, application, management and protection of IP rights.

Last year, there were 2,013 valid invention patents in NETDA, an increase of 30 percent year-on-year. Among them, authorized invention patents independently developed by its enterprises accounted for more than 90 percent.

In the past three years, NETDA has completed 26 IP pledge loans, totaling 340 million yuan.