Shandong to Nurture Companies with Independent IP through “Spring Bamboo” Initiative

Shangdong Province unveiled the so-called “Spring Bamboo” initiative to nurture enterprises with independent intellectual property rights, aiming at strengthening IP innovative capacity of high-quality companies.

The initiative stresses the necessity of IP management standardization, national level IP powerhouse and pioneering enterprises. The aim is to build up 2500 enterprises with standardized IP management and 600 ones with national level IP priority by 2020; 4000 enterprises with standardized IP management, 1000 ones with national level IP advantage priority by 2020 and 50 newly added national level IP pioneering enterprises.

Each year, Shandong strongly supports 1000 promising companies with no patents, enabling breakthrough from zero as soon as possible. The government also traces and supports small-and-medium sized start-ups, providing comprehensive services such as IP creation, application and protection. An utmost 10 thousand Yuan worth of application and agency fee is offered to the first authorized invention patent.

A patent tank for converting driving force is under construction to absorb over 10 thousand  valuable patents from domestic and foreign universities and institutions each year. 50 thousand patents will have been added in the tank by 2022. Enterprises are encouraged to absorb and convert valuable patents, which can be evidenced by the utmost one million award for those with high-efficiency.

As for IP financial service, the government will improve compensation mechanism for pledge financing risks, promoting new model for IP pledge financing entitled “IP banking insurance”. IP will be enlisted into “Xinyidai” to broaden SMES’ access to IP pledge credits; 60% subsidy will be offered to companies that have purchased patent pledge insurance; 80% to national-level IP pioneering companies purchasing the insurance.

July 23, 2019

Source: Xinhua News Agency

Photo from: 6199pic.com