Kibo Signs Business Agreement with the Chungbuk Branch of the Innobiz Association

The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Thursday, the 26th, that it signed a “Joint Development Agreement through Activation of Intellectual Property Mutual Aid Projects” with the Chungbuk Branch of the Innobiz Association (Chairman Ahn Jun-sik, hereinafter referred to as “Chungbuk Branch”) at the Chungcheongbuk-do Provincial Office.

This agreement was established to expand the participation of technology SMEs in the Chungbuk region in the intellectual property insurance system by linking the corporate support infrastructure and regional networks of both organizations and to raise awareness of the insurance program.

The Intellectual Property (IP) Deduction Program, a program designed to alleviate the burden of intellectual property (IP)-related costs for small and medium-sized enterprises (SMEs) and help them secure technological competitiveness, was first introduced in Korea by KIBO in 2019 in collaboration with the Ministry of Intellectual Property. KIBO establishes a fund based on premiums paid by participating companies and provides financial support for participating companies in cases such as IP disputes or domestic and international patent applications, thereby fostering stable corporate growth.

Under the agreement, KIBO will conduct information sessions and provide customized consultations on intellectual property deductions for technologically innovative SMEs in the Chungcheongbuk-do region, while the Chungcheongbuk-do branch will support the promotion of the deduction program by leveraging its local business network. Through this agreement, the two organizations plan to strengthen the intellectual property capabilities of local SMEs and continue their cooperation to revitalize the local economy.

Chungbuk Branch President Ahn Jun-sik said, “I expect the Intellectual Property Mutual Aid Program to be of practical help in strengthening the competitiveness of technologically innovative small and medium-sized enterprises,” and added, “Through this agreement, we will support local companies to actively utilize the mutual aid program.”

Kwon Se-wang, head of the Intellectual Property Insurance Center at Kibo, said, “Kibo plans to actively utilize the regional corporate network of the Chungbuk branch of the Innobiz Association to raise awareness of the Intellectual Property Insurance and actively promote new subscriptions,” adding, “Through this agreement, we will further strive to expand subscriptions to the Intellectual Property Insurance for local small and medium-sized enterprises and strengthen their technological competitiveness.”

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