Ministry of SMEs and Startups Launches Pilot Operation of 'Idea Deposit' System

Safe Protection of Innovative Ideas for Startups and Venture Companies

Source: Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 29th that it will pilot the 'Idea Deposit' system to safely protect the innovative ideas of startup and venture companies.

The establishment of this Idea Deposit system is a follow-up measure to the 'Strengthening Technology Protection Measures for SMEs' announced by the government in April this year. The pilot operation will begin on the 30th.

This system aims to prevent cases where technology and business materials such as business plans and proposals are leaked or stolen during the process of submitting to contests or proposing to business partners by early-stage startups. It supports startups by allowing them to deposit specific ideas such as business plans and proposals free of charge with a deposit institution, providing a protective measure so that startups can propose their business more safely to business partners.

Along with the Idea Deposit, the Ministry plans to support SMEs by encouraging the signing of non-disclosure agreements with depositing companies, helping them to recognize the importance of technology protection from the early stages of startup and avoid getting involved in technology disputes.

The objects eligible for Idea Deposit are electronic files such as business plans, proposals, and business models submitted to contests or prospective business partners, limited to within 500 megabytes (MB). Applications can be submitted online by accessing the 'Technology Data Deposit Center' of the Korea Foundation for Advanced Cooperation of Large, Small and Medium Enterprises and Agriculture and Fisheries or the 'TechSafe' of the Korea Technology Finance Corporation, both designated as deposit institutions by the Ministry.

Won Young-jun, Director of Technology Innovation Policy at the Ministry of SMEs and Startups, said, "Innovative ideas of startup and venture companies are a core element for the sustainable growth of our country. For the commercialization of ideas, a stable technology protection environment and a fair technology transaction culture must be supported," adding, "We will continue efforts to ensure that ideas, business plans, and business models of startups and venture companies are not unfairly plagiarized or harmed."