Patent Office Seeks Private Operators for Startup Intellectual Property Strategy Support

The Korean Intellectual Property Office (KIPO) announced on the 11th that it is recruiting private operators to participate in the "2024 Public-Private Partnership Intellectual Property Strategy Support Project" until the 26th of this month.

The project is newly implemented this year, reflecting the voices of the private sector such as startups and investment institutions. The purpose of the project is to discover promising intellectual property startup companies, select 30 companies, and support strategies from investment to patent commercialization.

Provided by the Korean Intellectual Property Office

A total of six private operators will be selected. Each private operator will select five intellectual property startup companies and lead investments of more than 70 million KRW per company. They will also take on the role of overseeing intellectual property management for the startups as Chief Intellectual Property Officers (CIPOs).

KIPO will support budgets for intellectual property rights acquisition, product strategy consulting, prototype production, and other intellectual property-based commercialization strategies, enabling private operators to carry out customized support for each company. Additionally, consulting support for investment attraction and global expansion will help startups secure funding and enter new markets.

Diagram material for the Public-Private Partnership Intellectual Property Strategy Support Project (Draft). Provided by the Korean Intellectual Property Office.

Through this, startups will be able to receive both investment and professional patent commercialization strategy support. Private operators have the advantage of being able to support the companies they directly discover and invest in, together with the government.

Mok Seong-ho, Director of the Industrial Property Policy Bureau at KIPO, said, "With the current uncertainty in domestic and international financial markets leading to a decrease in venture investments, this project will be a new model where the private sector and government join hands to provide funding and patent strategies to intellectual property innovation companies."