As corporate creativity plays an increasingly prominent role in economic development, the city of Wuxi is determined to drive its economy to new highs by encouraging local companies to create intellectual property.
According to the Wuxi municipal science and technology bureau, 20 creative projects in the city's manufacturing and new industries won patent awards this year. The projects have brought in nearly 12.4 billion yuan ($1.9 billion) to Wuxi in sales income.
The "Plasma Polymerization Coating Device" project developed by Favored Tech, a company working on nanotechnology coatings, was one of the prize-winning projects. The device is able to provide surface coating protection for high-end mobile phones, earphones, drones, and other electronic products. The company's products and services have been recognized by various brands such as Huawei, VIVO, Xiaomi, and TCL. The patent has brought sales of 446 million yuan annually.
In addition, Wuxi has been hosting an annual award for intellectual property since 2008. A total of 260 projects have been recognized by the award so far, and more and more enterprises are paying attention to patent protection and patent application, according to officials.
During the first seven months of 2021, more than 42,300 projects were licensed with IP rights in Wuxi, a year-on-year increase of 24.63 percent, making the city a leader in Jiangsu province in number of IP-licensed projects.
