Our studies on the financing of innovation
This page features a selection of EPO Chief Economist studies that offer valuable insights into the financing of innovation by providing high-level expertise and fostering informed policy debate. You can also explore case studies that provide practical, real-world examples of successful technology commercialisation to highlight how innovators effectively leverage the IP system to secure funding and create value.
Economic studies
- 2025: Mapping investors for European innovators
The report introduces the Technology Investor Score (TIS), a metric for identifying investors specialising in tech startups. It provides a detailed mapping of such tech-focused investors and highlights key areas relevant to enhancing Europe's competitiveness.
- 2024: Financing and commercialisation of cleantech innovation
The report examines patenting trends in cleantech, covering various technology fields aimed at addressing the impacts of climate change.
Attention is given to growth and commercialisation plans, offering valuable insights for policymakers, business leaders, and investors regarding the challenges of advancing clean and sustainable technology within Europe.
- 2023: Patents, trade marks and startup finance: Funding and exit performance of European startups
This joint study by the EPO and the EUIPO focuses on how innovative startups obtain financing to develop their ideas into new products for the marketplace. It examines how IP rights can help the providers of initial financing to exit successfully by selling to another company or going public with a stock market flotation.
- 2022: Deep tech innovation in smart connected technologies
This joint study by the EPO and the European Investment Bank (EIB) offers a comprehensive inventory and analysis of small and medium-sized enterprises that invest in the development of new technologies linked to the Fourth Industrial Revolution (4IR). Using patent data in combination with a large-scale survey, it quantifies and analyses the contribution made by these small businesses to the European Union's performance in 4IR innovation over the past decade, as well as benchmarking these companies against similar businesses in the US and other European countries. The study found that the EU lags behind the US when it comes to SME activity in 4IR-related deep tech, although there are significant differences between EU countries. It also highlights the availability of finance and the shortage of staff with the required technical skills as the main impediments of 4IR SMEs in bringing new technology to market.
- 2020: Valorisation of scientific results – Patent commercialisation scoreboard: European universities and public research organisations
Universities and public research organisations (UNI/PROs) traditionally are a major source of scientific knowledge and fundamental research. They are important users of the European patent system. Based on a survey of European universities and PROs, this study looks at how they valorise their European patents. It is the second in a series of EPO patent commercialisation scoreboards.
The “Scoreboard of Universities and PRO” underlines the important role of European patents in bringing scientific research and new technologies to the market, and also outlines the challenges the institutions are facing: Besides difficulties to reach proof of concept it is the failure to find partners as well as the lack of resources that impede successful commercial exploitation of patented inventions, and should be addressed by policy makers.
- 2019: Market success for inventions Patent commercialisation scoreboard: European SMEs
A new generation of European small and medium-sized enterprises (SMEs) are successfully leveraging their inventions for commercial purposes in a variety of ways. This study by the Chief Economist analyses their approaches, with a focus on collaborations with a partner from another European country. It also examines the full range of encouraging outcomes, such as licensing agreements, co-operations and technology spin-offs.
Finally, the scoreboard reveals that SMEs often struggle to find partners from outside their existing network of personal or business contacts. It therefore highlights the potential for ramping up invention commercialisation through measures to help enterprises better identify market partners throughout Europe.
Check out all economic studies.
Case studies
- Lightyear
The first solar-powered production car
Takeaways
- To succeed in deep tech you have to do something hard; this requires a company culture based on world-class engineers, 10x innovation ambition and strong IP.
- Know the risks and take them; going the easy way does not create value.
- "Attack a place your competitors must recapture. You can divide the ground and yet defend it." (Sun Tzu)
- IP is a crucial building block for fundraising, but the real value comes from combining this with a team that knows how to deploy and develop it.
- IP is the biggest asset giving investors downside protection in deep tech. Develop an IP portfolio that provides optionality, so you can change your business model, pivot or restart the company if needed.
Technical field Country Main product Business model Automotive Germany Solar car Growth financing Lex Hoefsloot is the visionary, inspirational founder and (until recently) CEO of Lightyear – the developer of the first solar-powered production car. Started in 2016 by students winning the World Solar Challenge four times, the company designed and developed an efficient, well-designed family car, covered by solar panels. Series production started in 2022, with a triple-digit company valuation. In 2023, the company ran out of money, but pivoted and restarted with a focus on their world-leading solar-car roof technology.
Hear about the exciting journey from student team to full car OEM to leading component supplier, with many ups and downs. Learn about the key role that the IP portfolio played in raising substantial funding and in pivoting and restarting the company. A global panel of venture capital and IPR experts will discuss what learnings high-growth tech business leaders can get from this case study.
Type of material Download Video HTB forum May 2024 Programme and speakers - Marinomed
Using red algae to fight the flu
- Flexible licensing models increase the chances of creating win-win situations.
- Involving an IP specialist early in the R&D stage can improve patent protection for subsequent commercial applications.
- Negotiation is the preferred way to solve potential infringement issues; litigation is regarded as a last resort.
- Trade marks can add value to patents and extend protection beyond the life of the patent.
Company Details
Biotechnology
Location: Austria
Main Product: Anti-viral technologies
Business Model: Technology licensing
As a drug discovery company, Marinomed relies heavily on patents. Its inventions are validated in almost 100 countries. The company actively manages and enforces its IP portfolio, which also includes some trade marks. Exploitation of its IP is based on two main licensing models.
Type of material Download Case study Marinomed (EN) Marinomed (DE) Book chapter IP for investors (EN) - Skeleton
Capacitance creates a watershed in purification
- Strong patents aligned with a company's products help secure exclusivity in core markets.
- IP strategy should evolve with company development, with IPRs contributing in different ways at different stages.
- Patents can help establish commercial partnerships which provide additional funding, R&D support and new business networks.
- A holistic approach to IP management means constantly developing new and advanced skills and tools.
Company Details
Electrical machinery, apparatus, energy
Location: Estonia
Main Product: Ultracapacitor
Business Model: Product sales
As a producer of advanced materials for energy storage, Skeleton knows that it needs a strong patent portfolio if it is to keep on improving its technology and expanding its market. Employees at Skeleton are cross-trained so that everyone can support the IP strategy and its alignment with the company's R&D efforts.
Type of material Download Case study Skeleton - Fractus
Snowflake pattern precipitates a new application for antennae
- A proactive, long-term IP strategy which is consistent with the overall corporate vision is essential.
- A patent portfolio based on continuing R&D allows companies to focus on technology licensing and helps secure financing.
- Litigation is a last but important resort when it comes to fighting wilful infringement.
- The Unified Patent Court (UPC) has the potential to remove the disadvantages of the current fragmented European litigation system.
Company Details
Telecommunications
Location: Spain
Main Product: Fractal antennae
Business Model: Technology licensing
Fractus, a producer of antennae, has built its business success on licensing its patented technology. Its robust IP portfolio and its commitment to enforcing its rights strengthen its position in licensing negotiations and safeguard further R&D investments.
Type of material Download Case study Fractus - Fos4x
Sensors for blades
- It is essential for the founding team to have access to business competence. The technology transfer office cannot provide this, as it is not part of the start-up’s operational team.
- Patents can work as an initial indicator of professionalism and competiveness when a young start-up with new technology becomes visible to established companies.
- Solid patent protection is a prerequisite for many investors looking to invest in technology start-ups. However, cash flow-generating activities at an early stage can help to provide funds until market introduction and are also positive signals to investors.
- While core IP has strategic value and should be prioritised, the transfer of non-core IP provides an opportunity for rapid monetisation.
Technical field Country Main product Technology transfer model Measurement technology Germany Fibre optic sensors and measurement solutions for wind turbines University spin-off 
After they had secured access to IP from the Technical University of Munich (TUM) and one of the co-founders had gained business experience, the team of young researchers had all of the ingredients necessary to secure initial funding for the creation of fos4X. In a market of mostly large and international players, a steadily growing and smartly managed patent portfolio helped the young company to secure financing and to become a major provider of measurement solutions for wind power installations. Due to its success and strong IP portfolio, fos4X was acquired by the Danish company PolyTech in 2020.
Type of material Download Technology transfer case study fos4X (EN) Podcast Boosting wind energy operation - a spin-out story - DyeMansion
IP as key currency
Takeaways
- Treat IP as your key currency, creating and protecting value for your company, helping to attract investments and defending against competitors.
- Invest time and effort in building an IP portfolio as early as possible. Make sure you have someone in the team to drive this and get support from experts.
- Don't postpone protecting your inventions until your product is ready or even validated in the market - it might be too late.
- Carefully consider how to protect your IP: through patents, trade secrets, etc., or defensive publication.
- Use a cost-effective IP protection strategy, leveraging the international treaties on priority filing of patents.
- Approach investors that appreciate your IP strategy. First patent filings and prototyping are very important local supports for start-up businesses.
Technical field Country Main product Business model Additive manufacturing Germany Colouring system for 3D-printed plastics Growth financing DyeMansion is a 3D printing company turning raw materials into high-value products. DyeMansion launched the first industrial colouring system for 3D-printed plastics in 2015. Today, DyeMansion has become one of the leaders in additive manufacturing finishing systems for 3D-printed plastics, delivering a full print-to-product workflow (hardware and processes) to "turn 3D-printed raw parts into high-value products". From perfect-fit eyewear to personalised car interiors, their technology establishes 3D-printed products as a part of our everyday lives.
Type of material Download Video Live case study presentation by Philipp Kramer
HTB forum February 2021 - APS Technology Group
Successfully building a company for an exit
Takeaways
- Hire the best people possible early on and pay them well.
- Building to sell allows you to increase purchase price, reduce escrow holdback and secure an earnout.
- Intellectual asset management is the key to successful technology commercialisation, no matter whether the goal is the sale of your products, or the sale of your company.
- Intellectual assets can have a massive impact on the money received from an exit.
Technical field Country Main product Business model Electrical machinery, software USA Measurement and drilling solutions Build-to-sell The live case study features Russ Scheppmann and his experience in building APS Technology Group (APS) from a small start-up into a global enterprise and a global player in the space of shipping container automation over 11 years. Russ talks about how APS developed and acquired its intellectual assets and built its management team and operational excellence, and how and why he decided to spin off and keep part of his business for himself, all in an effort to attract ABB, a leading global technology company. Russ highlights his best decisions and offers insights on how to successfully prepare a business for an exit. The live case study is preceded by two lectures and an expert panel discussion related to the build-to-sell topic.
Type of material Download Video Lecture "Build to sell: driven by intellectual assets"
Lecture "Earn what you're worth"
Live case study presentation by Russ Scheppmann
HGE Assembly Executive Conference 2021 Programme and speakers
Check out all innovation case studies.