Kibo Secures 1,911 Technology Escrow Contracts Last Year

Expansion of Technology Protection for SMEs... Eradication of Technology Theft

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 6th that it secured a total of 1,911 technology escrow contracts last year, an increase of 231 contracts compared to 1,680 the previous year.

Kibo operates a system that deposits technology and business materials to prevent the leakage, theft, and misuse of small and medium-sized enterprises' core technologies, and proves and verifies the development and possession timing of the technology based on the law in case of future technology leakage. Kibo was designated as a technology escrow institution in 2019 and has been carrying out support projects to protect SMEs' technology and prevent technology theft.

Among Kibo's technology escrow contracts last year, long-term escrow contracts with a contract period of five years or more amounted to 264, continuously increasing compared to 64 in 2020 and 152 in 2021. The number of technology escrow renewal contracts also steadily increased from 244 in 2020, 561 in 2021, to 744 in 2022. The increase in long-term escrow companies and renewal contracts is analyzed as a sign that the technology protection business is being firmly established.

Kibo signed business agreements with related organizations to support technology escrow fees for companies selected as safe excellent companies and youth startup voucher companies. It also introduced the 'Idea Escrow' system, which allows the deposit of technology and business ideas.

Kim Jong-ho, Chairman of Kibo, said, "As a comprehensive technology protection support institution, Kibo has expanded technology protection support to prevent damage from technology theft in SMEs in advance," adding, "We will continue to strive to create a safe and fair environment where SMEs' technologies are not leaked or stolen."