According to the Korean Intellectual Property Office (KIPO) on Thursday, startups will receive support in the form of ‘patent vouchers’ as part of efforts to boost the intellectual property industry and create thousands of jobs over the next five years. (Image: Yonhap)
DAEJEON, Feb. 1 (Korea Bizwire) — The government has announced plans to invest billions of won to create up to 12,000 new jobs in the intellectual property industry.
According to the Korean Intellectual Property Office (KIPO) on Thursday, startups will receive support in the form of ‘patent vouchers’ as part of efforts to boost the intellectual property industry and create thousands of jobs over the next five years.
Under the new action plan, the KIPO will craft a budget of 233 billion won, up over 10 percent from last year, which will be used to create an organization, a patent voucher system, and intellectual property support programs for startups.
The patent vouchers will be given to 100 select startups to prioritize their projects related to intellectual property, while commission fees will be slashed for SMEs and startups to maintain patents long-term without having to worry about financial stability.
In addition, staff capacity for business evaluation will be increased to 1,000 by 2022, in an effort to catch up with advanced countries in terms of the quality of project evaluations.
In the past, intellectual property businesses have been led by the public sector. With the new action plan, however, private companies will be encouraged to take an active role in the industry, with public institutions taking the back seat to focus on evaluation, maintenance and education.
A 100 billion won investment fund for intellectual property is also in the works, designed to attract private investment, while support will be provided for the establishment of non-practicing entities.
The government hopes the new measures will see the intellectual property industry grow from 2.1 trillion won last year to 2.7 trillion won in 2022, with an additional 12,000 jobs created over the next five years.
The government has announced plans to invest billions of won to create up to 12,000 new jobs in the intellectual property industry. (Image: Kobiz Media)
“In the age of the Fourth Industrial Revolution, the intellectual property industry will carry water for job creation and new business opportunities. Entering the second year under the new administration, we plan to work closely with related government branches and organizations to speed up the policy process and yield the expected outcomes,” said Kim Tae-man, the director of the intellectual property policy department at the KIPO.
M.H.Lee (mhlee@koreabizwire.com)
