Text/Deputy Director of the Center for Capital Market and Corporate Finance of the National Institute of Finance of Tsinghua University Hu Xing , Research Specialist of the Center for Capital Market and Corporate Finance of the National Institute of Finance of Tsinghua University Ma Taoran, Quyi
Under the background of economic globalization , the increasing frequency of technology transactions has promoted the formation and development of technology trading platforms. This article selects several technology trading platforms that currently have demonstration effects in the markets of China and the United States, and analyzes their respective operating models through three dimensions: supply and demand matching of technology, transaction circulation of technology and finance to help technology development, so as to try to discover the problems and challenges faced by China's technology market and trading platforms, and put forward corresponding development and measures and suggestions. Overview of the development of
technology trading platform
In the context of economic globalization, in order to achieve optimal resource allocation, the flow of trading elements, especially technical elements, among countries around the world, is accelerating. Generally speaking, after a technology is released, it is necessary to achieve industrialization through technology transfer and technology transactions. Among them, technology transactions are a key link between technology transfer and technology industrialization, and frequent technology transactions have also promoted the formation and development of technology trading platforms. After the 1980s, as the world's bipolar political division ended, technology transactions gradually began to circulate globally. In fact, Western developed countries have long begun to make strategic layout and adjustments in technology transactions and related policies, and actively promote the improvement of the pertinence and effectiveness of R&D work and technology circulation. In developed Western countries, especially the United States, technology trading platforms have explored technology matching, technology crowdsourcing, patent auctions and intellectual property financing, and have accumulated mature operational experience. China started late in the construction of technology trading platforms, but it still developed a number of distinctive technology trading platforms. Under the socialist market economic system, China's technology trading platform has developed a set of operating models that are in line with it, such as the public listing transaction process, technical asset evaluation and evaluation system, online technology trading system, etc.
main types and operating models of technology trading platforms
The United States has many types of technology trading platforms, including Yet2, InnoCentive, Ocean Tomo and IPXI platforms that "using patent licensing rights as the subject" etc. China's technology trading market is still in the exploration stage, mainly including the Shanghai Technology Exchange led by the government and the market spontaneously built trading platforms such as Keyi.com , Zhubajie.com , etc. These technology trading platforms are at the forefront of the market, with different business models and profit models, etc., and have a demonstration effect. Its service content can be mainly summarized into three categories: technology supply and demand matching, technology transaction circulation and finance to help technology development. The supply and demand matching of
technology covers technical search, technology and service crowdsourcing and technology auctions. Yet2 focuses on strategic consulting services and targeted technical search matching services; InnoCentive and Zhubajie.com provide crowdsourcing services to corporate customers; Ocean Tomo pioneers the online public auction of intellectual property rights. The transaction circulation of
technology involves the standardization of technical trading products and the standardization of technical trading processes. IPXI has launched a standardized trading product with the right to use intellectual property licensing rights as the subject; the exchange model provided by the Shanghai Technology Exchange makes the technical trading process more convenient and effective; Keyi.com promotes online trading and liquidity of virtual technology products through the " Keyibao " product. The service content of some technology trading platforms in
also includes finance to help technological development. For example, investment bank , a subsidiary of Ocean Tomo, provides intellectual property pledge financing services; Yet2 has created its own venture capital fund; Shanghai Technology Exchange uses transaction data to establish evaluation models, assist financial institutions in evaluation, and help science and technology enterprises release financial pressure through intellectual property pledge financing or credit financing.
technology supply and demand matching
technology trading platform can provide technical supply and demand matching services to both technical transaction parties through technical search, technology and service crowdsourcing or technical auction.
technical search - Taking Yet2 as an example
technology trading platform forms a "technical search engine" by creating technical databases, technical screening models and programs to help technical demanders conduct targeted search and screening. Yet2 uses its unique "strategic consulting" services and specific technical investigation services to determine innovation goals and innovation needs for customers and provide specific solutions. On the one hand, Yet2 regularly sends the detected technology trends and emerging market opportunities to customers in the form of briefings, and provides "Strategic Dealflow" services to senior member clients; on the other hand, Yet2 pre-screens more than 800 projects each year, introduces them directly to clients in the form of monthly meetings, and provides customers with specific development plan consulting services through "advanced opportunity filtering" and technical review procedures. In addition, Yet2 meets the clear technical needs required by customers through the specific technical investigation model of "determining demand-technical investigation-screening-interaction".
technology and service crowdsourcing - Taking InnoCentive and Zhubajie.com as examples
technology and service crowdsourcing refers to enterprises, governments or non-profit organizations publish technology and service needs by crowdsourcing to the outside world, and find the best solutions from many solutions to achieve the purpose of solving technical problems.
technology demand drives the technology supply-InnoCentive. The core of InnoCentive’s business is to help seekers publish their needs while helping solvers evaluate their solutions, mainly playing the functions of gatekeepers and brokerage, evaluation and evaluation, identification and standards, control and arbitration. Seekers post technical challenges after registering the website, and solvers participate in the challenges in a contested manner and submit solutions. InnoCentive reviews and evaluates the numerous solutions provided by the solvers, eliminating creativity that does not meet the challenge criteria. The seeker determines the appropriate bonus amount based on the complexity of the challenge, the resources required to solve the problem, and the future value, etc. (If it is too low, InnoCentive has the right to refuse). In order to protect the interests of the resolvers from infringement, InnoCentive has established intellectual property audits and safeguards. Once the seeker adopts the resolver's intellectual property, he or she must fulfill his or her reward obligation; if not, it will not be used. InnoCentive will form a special report on challenges that have been perfectly solved, introducing the achievements of the solver.
serves the entire life cycle of the enterprise - Zhubajie.com. The characteristic of Zhubajie.com’s crowdsourcing service business is to cover the entire growth cycle of the enterprise and provide convenience for both the supply and demand parties of technical services. Zhubajie.com provides a consumer-to-C2C e-commerce platform for the supply and demand of a large number of small and medium-sized enterprises. Buyers post their needs on the website and explicitly indicate the commission amount; at the same time, they can also cooperate directly with the Zhubajie Network team to solve service needs by accurately matching service providers, soliciting creative solutions across the country, or directly hiring service providers. Sellers can display their service content on the website and clearly mark the price for buyers to choose from. At present, Zhubajie.com implements a zero-commission system in most businesses, thereby promoting market competition and increasing market activity. In addition, it collects user and transaction data and mines the space to provide secondary services, such as "Bajie Intellectual Property", "Bajie Finance and Taxation", etc....
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This article was published in the October 2022 issue of "Tsinghua Financial Review" (Issue 107 of total), edited by: Qin Ting
