WIPO China: The Future Looks Brighter for IP-Backed Financing
本文原载于2023年第3期《WIPO杂志》。作者为James Nurton，自由撰稿人。
The article was originally published in the issue 3/2023 of WIPO Magazine. The author is James Nurton, freelance writer.
Novarc Technologies是BDC知识产权融资项目宣布的第一笔交易（也是最成功的交易之一）。该公司专门设计和商业化用于工业的协作式机器人（称为cobots），特别是焊接机器人。（图片来源：Novarc Technologies）
Novarc Technologies was the first deal (and one of its most successful) to be announced under BDC’s IP-financing program. The company specializes in designing and commercializing collaborative robots (known as cobots) for industry, in particular welding. (Photo: Courtesy of Novarc Technologies)
根据品牌金融的《全球无形资产追踪报告》，全球无形资产价值从2019年的61万亿美元增长到2021年的74万亿美元。此外，Ocean Tomo的研究发现，无形资产占标准普尔500指数公司价值的90%。然而，许多拥有丰富知识产权的公司，特别是初创企业和中小企业难以获得融资。这是为什么呢？其中一个原因是投资者发现，与不动产、机器和股票等实物（有形）资产相比，很难对无形资产（如专有技术和数据）进行估值和分析。
The worldwide value of intangible assets grew from USD 61 trillion in 2019 to USD 74 trillion in 2021, according to the Brand Finance Global Intangible Finance Tracker. In addition, Ocean Tomo research has found that intangible assets account for 90 percent of the value of S&P 500 companies. Yet many intellectual property (IP)-rich companies, particularly start-ups and small and medium-sized enterprises (SMEs), struggle to secure financing. Why? One reason is investors find it hard to value and analyze intangible assets (e.g. know-how and data) compared to physical (tangible) assets such as real estate, machinery and stock.
因此，寻找途径来释放无形资产融资潜能，解决知识产权融资问题，正成为全球的一个优先事项。2022年11月，产权组织就该主题举办了一场高级别对话，并公布了一个由三部分组成的行动计划，旨在（1）为无形资产融资打造声势，（2）厘清实践中发生的情况，以及（3）帮助融资和评估生态系统的参与者做好准备。
Finding ways to unlock intangible asset finance, and solve the problem of IP financing, is therefore becoming a priority around the world. In November 2022, WIPO hosted a High-level Conversation on the topic and unveiled a three-part Action Plan to: (1) raise the profile of intangible asset finance, (2) reveal what is happening on the ground, and (3) equip participants in the finance and valuation ecosystems.
产权组织总干事邓鸿森在该高级别对话的开幕致辞中表示：“无形资产就像金融世界的暗物质——神秘且基本不可见，即使它们现在对公司和经济体产生了巨大且越来越显著的影响。”
As WIPO Director General Daren Tang said in his opening remarks to the High-level Conversation: “Intangible assets are like the dark matter of our financial world – mysterious and largely invisible, even if they are now exerting a huge and increasingly visible influence on our companies and economies.”
好消息是，私营部门和公共部门有一些倡议，正在寻求为知识产权融资发掘机遇。其中一个倡议由BDC Capital牵头，它是加拿大商业发展银行（BDC）的投资部门，是专门服务加拿大企业家的银行。
The good news is that several initiatives from both private and public sectors are now seeking to unlock opportunities for IP-backed financing. One of them is being led by BDC Capital, the investment arm of the Business Development Bank of Canada and the bank for Canadian entrepreneurs.
BDC Capital的方法
BDC Capital’s approach
BDC Capital于2020年7月启动了1.6亿加元（1.19亿美元）的知识产权发展融资包，这是加拿大首个此类融资包，为加拿大企业提供300万至1000万加元的资金。自推出以来，该基金已收到约1500份申请，并完成了15笔交易。
BDC Capital’s CAD 160 million (USD 119 million) IP development financing envelope, the first of its kind in Canada, was launched in July 2020, to provide funding of between CAD 3 million and CAD 10 million to Canadian companies. Since launch the fund has received some 1,500 applications – and has closed 15 deals.
BDC Capital的8人融资团队由管理合伙人Lally Rementilla领导。此前她曾在朗讯和Lavalife等公司工作，2015年加入多伦多另类商业贷款机构Quantius，后与她在Quantius的团队一起跳槽至BDC Capital。在Lally Rementilla担任Quantius首席财务官、后任首席执行官期间，Quantius投资了拥有丰富知识产权的创新型公司Baanto International， Acerus和Lambda Solutions等。
The eight-strong BDC Capital IP-backed finance team is led by Managing Partner Lally Rementilla. She moved to the bank with her team from Quantius, an alternative commercial lender in Toronto, which she joined in 2015, having previously worked at companies including Lucent and Lavalife. During Rementilla’s time as CFO and latterly CEO, Quantius invested in innovative, IP-rich companies such as Baanto International, Acerus and Lambda Solutions.
2022年7月，BDC（加拿大商业发展银行）投资部门BDC
Capital启动了1.6亿加元（1.19亿美元）的资金支持知
识产权融资。BDC Capital的知识产权融资团队由管理合
伙人Lally Rementilla（上图）领导，她对知识产权融
资的未来非常乐观。（图片来源：Lally Rementilla）
In July 2022, BDC Capital, the investment arm of BDC
(the Business Development Bank of Canada) launched
a CAD 160 million (USD 119 million) to support
IP-backed financing. BDC Capital’s IP-backed finance
team is led by Managing Partner Lally Rementilla (above)
who is very positive about the future of IP-backed
financing. (Photo: Courtesy of Lally Rementilla)
投资者想要知道的
What investors want to know
知识产权融资的一个优先重点是Rementilla所说的“业务和知识产权战略的明确对齐”。这意味着企业必须能够展示其拥有的知识产权资产（包括知识产权申请和授予的细节），这些资产与其核心产品、服务和收入来源的关系，以及它们何以在市场中独具价值主张。她表示：“有些企业对此没有准备。”
A priority for IP-backed financing is what Rementilla calls “clear alignment between the business and IP strategies.” This means that companies must be able to show what IP assets they have (including details of IP filings and grants), how these relate to their core products and services and revenue streams, and why they have a unique value proposition in their market. “Some companies aren’t prepared for that,” she says.
为了获得融资，企业必须能够展示其在市场中独具的销售主张，并能够成为其所在行业的全球领头羊，最好提供相关数据。Rementilla补充道，BDC Capital不承担技术风险，因此企业的创新成果必须已经处于或接近商业化的阶段。
To secure financing, companies must be able to demonstrate their unique selling proposition in their market, and become a leading company in their sector globally – preferably with relevant data. Rementilla adds that BDC Capital does not take on technology risk, so companies must already be at, or close to, the stage of commercializing their innovation.
那些寻求融资的企业也应对投资者的投入持开放态度。Rementilla表示，知识产权的估值随着技术的进步和商业化而发展变化。出于这个原因，BDC Capital对知识产权组合进行持续监测，通常要求每年报告两次。这种监测可能会使估值更新。更重要的是，它还可以带来新的洞见，因为在审查每个知识产权组合时都要回答一些问题，例如：是否需要进行更多的现有技术检索？是否需要更频繁地审视知识产权形势？是否了解最新的竞争对手定位？是否有技术许可或并购的新机遇？
Those seeking funding should also be open to input from the investors. Rementilla says IP valuation evolves with technological progress and its commercialization. For this reason, BDC Capital continues to monitor IP portfolios over time, and typically seeks reporting twice a year. This monitoring can lead to valuations being updated. More importantly, it can also lead to new insights, as each portfolio is reviewed in response to questions, such as: Are more prior art searches needed? Does the IP landscape need to be scanned more frequently? Is the understanding of competitors’ positions up to date? And are there new opportunities for technology licensing or mergers and acquisitions?
当涉及投资时，BDC Capital是技术不可知论者。它的前15笔交易涵盖各个领域的加拿大企业，不过最受欢迎的领域是医疗保健、可持续发展和企业解决方案。它最成功的交易之一是与温哥华一家名为Novarc Technologies的机器人公司达成的，这正是它宣布的第一笔投资。
When it comes to investing, BDC Capital is technology agnostic. Its first 15 deals have spanned a range of Canadian companies, though the most popular sectors have been healthcare, sustainability and enterprise solutions. One of its most successful deals, with a Vancouver-based robotics company called Novarc Technologies, was the very first to be announced.
知识产权融资可以催化额外的投资
IP financing can catalyze additional investment
Novarc专门设计和商业化用于工业的协作式机器人（称为cobots），特别是焊接机器人。该公司成立于2013年，2016年至2019年之间增长了1235%，在2020年加拿大最具成长性公司排名中位列第45位。它已经从北美扩展到亚洲、欧洲和中东。
Novarc specializes in designing and commercializing collaborative robots (known as cobots) for industry, in particular welding. Founded in 2013, it grew by 1,235 percent from 2016 to 2019 and was ranked 45th among Canada’s Top Growing Companies in 2020. It has expanded from North America to Asia, Europe and the Middle East.
Novarc的优势之一是利用人工智能和机器人技术提供自动化解决方案，助力管道制造车间的焊工——在全球焊工面临短缺的形势下，这一点变得至关重要。自开发初期起，Novarc就专注于保护其知识产权和无形资产，包括通过取得专利来进行保护。
One of Novarc’s strengths is using AI and robotics to provide automated solutions to help welders in pipe fabrication shops – something that is becoming essential due to the looming global shortage of welders. Since early in its development, Novarc has focused on protecting its IP and intangible assets, including through patenting.
2021年2月，BDC Capital宣布已为Novarc提供260万加元的成长资金。在这一消息宣布时，Novarc首席执行官兼联合Soroush Karimzadeh表示，知识产权基金“是加拿大融资生态圈所缺少的一种独特的非摊薄产品，它可以帮助企业从种子/战略投资轮迈向盈利。”
In February 2021, BDC Capital announced that it had provided Novarc with CAD 2.6 million in growth capital. The company’s CEO and co-founder, Soroush Karimzadeh, said at the time of the announcement that the IP fund “is a unique non-dilutive product that we were missing in the financing ecosystem in Canada, which can help bridge seed/strategic investment rounds to profitability.”
Rementilla表示，BDC Capital的分析清楚表明，Novarc的知识产权组合“使该公司在市场上具有差异化”。它还有一个强大的软件平台，能够收集关于焊工如何处理不同类型焊接工作的数据，这使它未来在开发算法和产品时具有重要的竞争优势。
Rementilla says that BDC Capital’s analysis clearly showed that Novarc’s IP portfolio “gave the company differentiation in the market.” It also had a powerful software platform and the ability to collect data about how welders approach different types of welding jobs – giving it an important competitive advantage in developing future algorithms and products.
Rementilla指出，Novarc的经验是一个很好的例子，展示了知识产权融资如何能够“催化私营部门投资”。BDC Capital的融资使Novarc能够进一步投资于研发，从而为其带来更多的融资机遇。（图片来源：Novarc Technologies）
Rementilla notes that the Novarc experience is a good example of how IP-backed financing can “catalyze private sector investment.” By enabling Novarc to invest further in R&D, BDC Capital’s financing led to further funding opportunities. (Photo: Courtesy of Novarc Technologies)
在线阅读全文，进一步了解知识产权融资。
Read the full article online and learn more about IP-backed financing.
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