SEOUL, Korea, April 23, 2014 (Korea Bizwire) – A “valuation scheme” that can put a price tag on each piece of knowledge or technology will be established within the first half of 2014, according to a Munhwa Daily News report. The government of Korea is determined to come up with a system which estimates how much money will be made once a conceptual knowledge or technology is commercialized so that the individuals or companies with certain ideas can be qualified for loans from banks and other lenders.
On April 22, the Ministry of Science, ICT and Future Planning announced that the government has been planning to improve the valuation scheme in collaboration with four other institutions to help startups and tech venture businesses capitalize on their IPs and technologies. Conventionally, for more than 70 percent of the time, valuations of knowledge and technology have been practiced to obtain assurances in Korea.
The Ministry of Trade, Industry and Energy and the Korean Intellectual Property Office (KIPO) will reportedly handle IP evaluations; the Ministry of Science and Technology will evaluate the results of government funded research projects; and the Financial Services Commission (FSC) will be in charge of the credibility evaluation for the knowledge or technology. The Korean government plans to establish a public assessment system for technology first, then gradually expand or transfer the service to private sector entities and banks.
The “establishment plan for market-driven, open system for IP or technology valuation” as such has already been reported to President Park at the 8th Presidential Advisory Council for Science and Technology held on April 10.
Henceforward, KIPO will expand cases of loans secured against IP and prepare a specialized scheme to withdraw loan for them in partnership with the Korea Development Bank. FSC will implement private sectors for credit evaluation of technology relevant to financial service firms and build a database for real cases of transaction, assessment and technology information.
Especially, the Ministry of Future plans to set up a cooperative assessment system to evaluate the study results of the institutes supported by the government. In order to sort out the most promising technologies among the accumulated studies of the supported institutes or university research labs, the Korea Institute of Science and Technology Information (KISTI) will direct the process and specialized assessment bodies will be appointed for each field.
As of now, the Korea Institute of Science and Technology (KIST) will be in charge of assessment for fusion technology, the Electronics and Telecommunications Research Institute (ETRI) for ICT, the Korea Research Institute of Bioscience and Biotechnology for biotechnology and the Korea Research Institute of Standards and Science for nanotechnology.
Written by Robin Koo (email@example.com)