New IP Academy to support businesses in securing patents, financing in upcoming budget: sources

The upcoming budget will propose the establishment of a new Intellectual Property Academy to assist businesses in securing patents and financing for their products, according to sources.

The academy is expected to be set up through a collaboration between the Intellectual Property Department (IPD) and the Vocational Training Council (VTC) as part of a pilot scheme.

While expertise in the field mainly lies within the legal professions, insiders said the academy aims to train a new breed of professionals who can guide companies through the complex processes of patent application, protection, and financing.

Targeting working professionals, the academy will offer pathways for obtaining accredited qualifications in intellectual property.

Reports suggest that tens of millions of dollars will be allocated to this initiative, with the academy expected to commence operations within the year.

In addition, the budget will provide several million dollars to the Hong Kong Technology and Innovation Support Centre (HKTISC) to enhance its patent quality analysis and valuation services for local innovators and researchers.

Established last year, HKTISC is recognized by the China National Intellectual Property Administration (CNIPA) and the World Intellectual Property Organization (WIPO) as Hong Kong's first Technology and Innovation Support Centre (TISC). It currently offers three core services: patent search, intellectual property training, and consultation.

Last year's Policy Address introduced the launch of the Intellectual Property Financing Sandbox, which aims to assist pilot sectors—particularly those in technology—by leveraging intellectual property for financing with the support of banking, insurance, valuation, legal, and other professions.

According to the Productivity Council, HKTISC is set to begin providing patent quality analysis services for small and medium-sized enterprises (SMEs) and innovative technology companies based on national standards by mid-year. 

Moreover, a two-year intellectual property valuation support service will launch to aid SMEs in financing their intellectual property, further promoting the commercialization and trading ecosystem of IP in Hong Kong.