The IPR-based financial campaign is attended by representatives of OVC firms and financial institutions. [Photo/WeChat account of Optics Valley of China]

An intellectual property right (IPR)-based financial campaign was unveiled in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) on April 26, World Intellectual Property Day 2022.

The valley's government has joined forces with many insurance institutions, including PICC, Ping An Insurance Group, and CPIC, to found China's first technology insurance community, which will offer customized services to OVC-based companies.

 "IP financing products enable enterprises to turn patents into money," said Tang Qilin, an official in charge of IP affairs at Wuhan Jingce Electronic Group Co, which has received a 20-million-yuan ($3.07 million) loan through its two invention patents.

The firm also purchased patent insurance products that will subsidize potential costs incurred during the patent application period if the application is not approved.

The "insurance + service" model initiated by OVC to a large extent eases the IPR protection burden on enterprises and increases their access to credit.

Since the start of the campaign, six companies have signed service contracts with participating financial institutions, with more than 30 additional firms discussing details on the financing products.

The Optics Valley of China will continue creating pilot zones for the financial campaign and build an IPR financial service center that consists of government departments, banks, insurance firms, sci-tech enterprises, and professional institutes offering legal and assessment services.