摘要：Financing constraints have been discussed as a
major obstacle to innovation. Small and medium-
sized enterprises and start-ups are particularly
concerned by such impediments. Venture capital has
emerged as a partial solution in some countries,
but is only available for start-up firms with major
growth potential. Recently, new intermediaries have
attempted to provide external finance to innovative
firms based on the firms’ patent portfolios. Patents
have been used as collateral or as assets assembled
in patent funds seeking to commercialize the patent
rights. Patent auctions are indicative of a nascent
market for patented technology. This paper presents
an overview on the role of patents and licenses, both
in the classical sense and as instruments for financing
innovation. It also discusses implications of these
developments for public policy and the design of
patent systems.
