The innovation economy calls for proactive growth of intellectual property by various innovation carriers – A China case

Abstract

We advocate that innovation carriers proactively grow their own intellectual property, including venture capital investment funds, local governments, industrial clusters, science and technology parks, and peculiarly to China, the High-speed Rail sector. We believe that the timing is right for this novel approach because China's innovation economy is fast becoming world's largest by some measure, and this economy increasingly puts IP at the core, which bridges innovation to value. Via a string of 2019 events and initiatives in China, the public was made much aware of the fact that IP is worth a lot of value: the July opening of the Sci-Tech innovAtion Board (STAR 科创板) of the Shanghai Stock Exchange, which has the explicit purpose of registering companies that are considered high-tech, thus regards highly a listed company's innovation capacity and intellectual property; the July estimate of 24 billion RMB value for the more than 53,000 invention patents granted in the year of 2018 to applicants from Guangdong Province; and the September sale of China's first-of-the-kind securitization of patent license fees. These initiatives show that IP manifests its value in different ways for different innovation carriers, which leads to our proposal that all innovation carriers grow their own IP serving their own purposes, and we consider our proposal an application of Paul Romer's endogenous growth model which encourages the production of knowledge and patents.

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