SEOUL, Apr. 25 (Korea Bizwire) — South Korean companies operating in China are being encouraged to make use of the Chinese government’s support for the creation of intellectual property.
Speaking to South Korean business owners and students during a forum in Shanghai on Sunday, Seo Dong-wook, the director of the Shanghai branch of the Korean Cultural Center, called for a better understanding of China’s push for the commercialization of intellectual property rights.
“(South Korean companies) should take advantage of the Chinese government’s efforts to encourage the commercialization of intellectual property rights,” Seo said during the forum held by the School of Business at Sungkyunkwan University.
Centering on the theme of intellectual property rights in China, Seo discussed a number of reasons why South Korean businesses should look to the Chinese market.
“Though China is known as the home of rip-off products, it is way ahead of South Korea when it comes to intellectual property commercialization,” Seo said.
“In South Korea, young people who wish to open startups with new technology and ideas are often thwarted in their attempts to obtain loans or financing. Chinese banks, on the other hand, offer loans quickly with intellectual property as security.”
Seo says China has a great environment for startups that are based on intellectual property rights, similar to Silicon Valley in the U.S.
Thanks to Beijing’s policy that supports intellectual property commercialization, South Korea is also trailing behind China in terms of collaboration between university research teams and companies.
Against this backdrop, some experts like Seo say those who are struggling to open a startup with their ideas and technology should consider a foray into the Chinese market.
While the China’s rate of economic growth remains between 6 percent and 7 percent each year, businesses that focus on patents and rights are estimated to be growing by over 20 percent, giving all the more reason for business owners to have a better understanding of intellectual property rights.
Ashley Song (email@example.com)