The Korean Patent Attorneys Association Collaborates with the Korea Accelerator Association to Foster an 'Intellectual Property Startup Ecosystem'

President Hong Jang-won of the Korean Patent Attorneys Association (left) and President Lee Jun-bae of the Korea Accelerator Association (right) are posing for a commemorative photo after signing a business agreement. Photo by the Korean Patent Attorneys Association

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korean Patent Attorneys Association is joining hands with the Korea Accelerator Association to support strengthening the intellectual property competitiveness of startups.

On the 22nd, the Patent Attorneys Association announced that it had signed a business agreement with the Accelerator to create an "intellectual property (IP)-centered startup ecosystem."

Accelerators operate with the purpose of discovering and nurturing startups. Since the accelerator system was introduced in 2016, the number has rapidly increased, with about 230 registered and active accelerators currently.

However, the Patent Attorneys Association explained that there are difficulties in consulting or evaluating industrial property rights such as patents and trademarks, which are core competitive assets of startups, and thus the IP consultation and advice of patent attorneys are necessary.

For example, according to the "2019 Global Startup Ecosystem Report" published by Startup Genome, the value of the domestic (Seoul) startup ecosystem is $5 billion, which is only 1.6% of the U.S. Silicon Valley ($312 billion) and significantly lower than major cities such as Beijing ($142 billion), New York ($64 billion), and London ($47 billion).

Accordingly, the Patent Attorneys Association plans to support the creation of an IP-centered ecosystem by conducting the "Accelerator-linked Biz IP Public Interest Project" as Season 2 of the "Start-up, Start Intellectual Property Campaign" together with the Korea Accelerator Association, supporting domestic startups' intellectual property strategies.

Additionally, members who act as "dedicated IP advisors" will have their public service hours as patent attorneys, which will be implemented from this year, recognized.