"IP Startups, We Will Help Make Bank Loans Much Easier to Obtain"

Lunch Press Conference with Go Junho, Executive Vice President of the Invention Promotion Association

Goh Jun-ho, Executive Vice Chairman of the Korea Invention Promotion Association. Photo by Korea Invention Promotion Association

[Asia Economy Reporter Moon Hyewon] Ko Junho, Executive Vice President of the Korea Invention Promotion Association, stated, “We will strive to create an environment where intellectual property (IP) startups and entrepreneurs can recover and succeed through patents even if they have low credit.”

At the ‘Korea Invention Promotion Association New Year Meeting’ held on the 9th at a Chinese restaurant in Yeongdeungpo-gu, Seoul, Executive Vice President Ko said, “Even if credit is low, if there is a patent, we will create conditions to recover and succeed,” adding, “To this end, we will continuously meet and persuade banks.”

Vice President Ko is an expert in the IP field, having passed the 24th Technical Examination in 1988 and served as Director of the Patent Examination Planning Bureau and President of the Patent Tribunal at the Korean Intellectual Property Office. He took office as Executive Vice President of the Invention Promotion Association on January 28 last year and is now in his second year of tenure. His term is three years.

Vice President Ko said, “This year, we plan to focus on businesses where startups and companies can create a lot of IP,” and added, “We will take the lead in spreading the awareness that money can be made by utilizing IP.”

Specifically, Vice President Ko explained, “We plan to increase the number of banks participating in the project so that startups can more easily obtain loans using IP as collateral,” and “A recovery support organization that allows banks to reclaim and resell patents if a borrowing company defaults will be launched next month, with the Invention Promotion Association expected to serve as the secretariat.” The association has secured a budget of 7.5 billion KRW for the recovery support fund this year.

Vice President Ko also explained, “We plan to double the number of ‘IP Startup Road Day’ pitching events for startups with patented technologies or ideas compared to last year, benchmarking the Bank Sector Youth Startup Foundation (D.CAMP).”

Meanwhile, the Korea Invention Promotion Association is a special corporation established under Article 52 of the Invention Promotion Act. Since its establishment in 1973, it has been conducting projects related to IP creation, including fostering IP-based small and medium enterprises, providing specialized IP education, and spreading invention culture.