PatSnap aims to dramatically accelerate technology sector in Shanghai

A Shanghai-based science and technology accelerator, focusing on patent analysis, consulting and legal services, served over 100 firms in September, said its developper PatSnap.

And it will serve 10 times that number within three years, with an investment of 100 million yuan (US$15.6 million), it says.

The nationwide accelerator offers innovation and patent valuation services.

It aims to boost the development of the Shanghai STAR Market and the new stock exchange in Beijing, both of which are designed to support tech startups that offer innovation and patents but have limited fixed assets, analysts said.

The accelerator offers international patent information and updates, online courses and patent value analysis, based on technology and market influences, said PatSnap, whose investors include Tencent and Softbank.

The accelerator offers services for firms firms covering law, patent consulting, industrial zones, colleges, research and financial organizations.

Such companies play vital roles in the innovation ecosystem and initial public offerings on the Shanghai and Beijing markets.

Patent valuation is urgently required in the ecosystem, Kevin Wang, global head of product at PatSnap, said recently in Shanghai.

Until September, enterprises in the intellectual property service industry have joined the ecosystem, such as Chofn IP, Advanced Law Firm and Suzhou Wispro.