The Korean Intellectual Property Office noted on the 30th that it will recruit private investment institutions to participate in the "Public-Private Collaboration IP Strategy Support Project" from the 31st to the 14th of next month.
This project supports each startup with 70 million won worth of IP commercialization funds, which was first initiated last year. Private investment institutions also participate to invest in corporations and assist in growth as Chief IP Officers (CIPOs).
Last year, six private investment firms participated to support 30 startups. The total amount of private investment raised reached 15.1 billion won.
This year, there are plans to expand the number of participating operating firms to seven and startups to 35. In particular, a specialized track will be established to discover startups in the three game changer fields that will reshape the industry: AI, semiconductors, advanced bio, and cybersecurity/quantum.
Kim Jeong-kyun, director of the Korean Intellectual Property Office's Industrial Property Policy Bureau, said, "This year, we expect the expansion of private investment attraction will serve as a catalyst for the growth of IP-based startups," and noted, "We will continue to create an environment that allows for increased private investment in domestic IP startups."
Institutions wishing to participate in the project can apply through the website of the Korea Invention Promotion Association and the government e-marketplace.