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融资约束已经被作为阻碍创新的主要障碍而被讨论。中小企业和初创企业受其影响尤为严重。风险投资已经在一些国家出现并成为该问题解决方案的一部分,但也仅仅提供给有显著增长潜力的初创企业。近年来,新的中介机构已经试图根据创新企业的专利组合为其提供外部融资。专利已经被用作抵押品或者作为资产聚集为专利基金以寻求专利权的商用化。专利拍卖表明专利技术的市场正在初步形成。本文回顾了专利和许可在传统意义下的作用和作为创新融资工具的作用。文章也讨论了这样的发展对公共政策和专利制度设计的启示。
Financing constraints have been discussed as a major obstacle to innovation. This is particularly so for SMEs and start-ups. Venture capital has emerged in some countries and is part of a solution to the problem, but it is also only available to start-ups that have significant growth potential. In recent years, new intermediaries have tried to provide external financing to innovative firms based on their patent portfolio. Patents have been used as collateral or as assets aggregated into patent funds to seek commercialization of patents. Patent auctions show that the patented technology market is taking shape. This paper reviews the role of patents and licensing in the traditional sense and as a tool for innovative financing. The article also discusses the implications of such developments for the design of public policies and the patent system.