Ministry of SMEs and Startups and Korean Intellectual Property Office Join Forces to Foster Venture Companies

Resolving Intellectual Property Challenges
"Cooperation to Establish a Sustainable Foundation for Innovative Venture Growth"

The Ministry of SMEs and Startups and the Korean Intellectual Property Office have agreed to cooperate in protecting the intellectual property rights of venture companies.

The Ministry of SMEs and Startups and the Korean Intellectual Property Office announced that, together with the Venture Business Association, they held a policy meeting with venture companies on the 22nd at the Venture Business Association in Guro-gu, Seoul.

This joint meeting between the Ministry of SMEs and Startups and the Korean Intellectual Property Office was organized as part of proactive administrative efforts to resolve intellectual property-related challenges faced by venture companies, which are pioneering new industries and global markets based on an average of 10.1 or more industrial property rights, and to support their global expansion through inter-agency cooperation.

Seongseop Kim, Vice Minister of the Ministry of SMEs and Startups, is delivering a greeting at the "Joint Venture Company Meeting between the Ministry of SMEs and Startups and the Korean Intellectual Property Office" held on the 22nd at the Venture Business Association in Guro-gu, Seoul. Ministry of SMEs and Startups

Venture companies attending the meeting made several suggestions, including: improving the performance compensation system for venture companies; enhancing AI technology protection and the patent examination system; expanding technology protection and export support for SMEs; strengthening support for the commercialization of intellectual property by innovative companies; and increasing inter-agency cooperation for companies holding outstanding patents.

Song Byungjun, President of the Venture Business Association, requested support and cooperation from both ministries, which oversee venture and intellectual property policies, so that venture companies can continue to innovate amid changes in the global economic, investment, and technological environment. In response, the Ministry of SMEs and Startups and the Korean Intellectual Property Office pledged to join forces to establish a sustainable foundation for the growth of innovative ventures.

Kim Seongseop, Vice Minister of the Ministry of SMEs and Startups, stated, "Venture companies are facing a challenging business environment due to the slowdown in economic growth caused by U.S. tariff policies and the resulting U.S.-China tariff war, as well as a triple burden of high inflation, high exchange rates, and high tariffs leading to a domestic market downturn." He added, "To strengthen the competitiveness of venture companies, we will actively reflect the suggestions made at this meeting in our policies, and both agencies will do their utmost to create policy synergy by actively cooperating in the field of intellectual property rights, which is closely related to the Korean Intellectual Property Office."

Kim Wanki, Commissioner of the Korean Intellectual Property Office, said, "In order for venture companies to secure differentiated competitiveness amid changes in the new trade and commerce environment, it is more important than ever to create and utilize premium patents that can broadly protect core technologies." He added, "We will further strengthen cooperation with the Ministry of SMEs and Startups so that venture companies can receive support for premium patent strategies and protection optimized for overseas markets."