Patent Office Launches 'Consultative Body' Led by Private Sector for Intellectual Property Transactions

A private council that will lead intellectual property transactions has been launched and begun its activities.

On the 27th, the Korean Intellectual Property Office (KIPO) announced the inauguration ceremony of the Private Transaction Institutions Council (hereinafter referred to as the Council). The ceremony was attended by Mok Seong-ho, Director General of the Industrial Policy Bureau at KIPO, Hwang Cheol-ju, Chairman of the Korea Invention Promotion Association, and more than 80 representatives from private transaction institutions, technology supply institutions (universities and public research institutes), and the Credit Guarantee Fund.

Since 2020, KIPO has annually selected six private transaction institutions as ‘private cooperative transaction institutions’ and has supported these institutions to secure self-sustainability in the intellectual property transaction market.

The Council was launched with the participation of 30 designated private cooperative transaction institutions to date. Going forward, the Council plans to collaborate with technology supply institutions, investment guarantee institutions, and others to discover companies demanding intellectual property transactions and to promote agreements on brokerage fee collection.

KIPO intends to listen to difficulties in the intellectual property transaction market through the Council and derive policy support measures. It also plans to lay the foundation for establishing an intellectual property transaction ecosystem led by the private sector.

On the same day, following the Council’s inauguration ceremony, KIPO held a roundtable meeting. The meeting was organized to share excellent cases of intellectual property transactions jointly collaborated on by private and public transaction institutions, exchange mutual opinions on building networks between the Council and demand-supply institutions, and discuss ways to revitalize the private transaction market through the Council.