Venture Business Association Signs Business Agreement with Ministry of Justice and Korean Intellectual Property Office

[Asia Economy Reporter Donghyun Choi] The Korea Venture Business Association has signed a business agreement with the Ministry of Justice and the Korean Intellectual Property Office (KIPO) to strengthen intellectual property management and provide legal support for venture companies.

According to the Korea Venture Business Association on the 20th, through this agreement, KIPO will offer intellectual property-related consultations to startup venture companies via the Public Interest Patent Attorney Consultation Center. It will also support the budget for the ‘Venture Business CEO IP Academy’ program to raise awareness of intellectual property among venture company CEOs.

The Ministry of Justice will provide legal consultations to startup venture companies through the Startup Legal Support Platform (StartLaw) to address legal issues that may arise during the commercialization of patents. It will also support instructor recommendations and lecture program design for the ‘Venture Business CEO IP Academy.’

The Korea Venture Business Association will establish and operate the ‘Venture Business CEO IP Academy’ program and support the promotion of IP finance, StartLaw, and other IP and legal policies necessary for venture companies through the association’s promotional channels such as V-ON.

Additionally, KIPO’s information on patents expected to expire (or to be abandoned) and expired patents will be linked with the Ministry of Justice’s StartLaw platform to help startup companies utilize these patents in their businesses. A mutual cooperation and support system will also be established between KIPO’s regional intellectual property centers and the Korea Venture Business Association’s regional branches.

Once this cooperative system is established, it is expected that regional venture companies will be able to access various intellectual property services much more conveniently, thereby promoting active commercialization using intellectual property.

Kim Yong-rae, Commissioner of KIPO, stated, “Until now, KIPO has supported intellectual property finance, trademark and patent application assistance, intellectual property-based R&D analysis, and intellectual property dispute response projects that companies need, but it is true that these were not well known in the field.” He added, “Through this business agreement, we hope that venture companies will properly understand intellectual property systems and support projects and be able to utilize intellectual property in their businesses.”

Kang Sam-gwon, Chairman of the Korea Venture Business Association, said, “This business agreement has laid the foundation for association members and venture companies to develop new businesses based on information about expired patents.” He added, “We hope that more cooperation among institutions will take place to support the management and protection of IP, which is the core asset of association members and venture companies.”