The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as MSS) and the Korean Intellectual Property Office (Commissioner Kim Wan-ki) announced that they held a policy discussion meeting with venture companies together with the Korea Venture Business Association (Chairman Song Byeong-jun, hereinafter referred to as the Venture Association) at Seoul Mario Tower (Guro-gu, Seoul) on the 22nd.
This joint meeting of the Ministry of SMEs and Startups and the Korean Intellectual Property Office was organized as part of proactive administrative measures to resolve intellectual property-related difficulties faced by venture companies that are pioneering new future industries and global markets based on an average of 10.1 or more industrial property rights, and to support global expansion through inter-ministerial cooperation.
The approximately 40,000 venture companies account for only 0.5% of all companies, but their total sales amount to 242 trillion won, ranking them third in the business world. Compared to general small and medium-sized enterprises, their export ratio is 4.2 times higher, and their R&D to sales ratio is 5.8 times higher, playing a role in supplying innovation to the industrial ecosystem.
The venture companies that attended the meeting made suggestions for ▲improving the venture company performance reward system, ▲improving the AI technology protection and patent examination system, ▲expanding technology protection and export support for small and medium-sized companies, ▲strengthening support for commercializing intellectual property of innovative companies, and ▲expanding support for cooperation between ministries for companies holding excellent patents.
Song Byeong-jun, Chairman of the Korea Venture Business Association, requested support and cooperation from the two ministries in charge of venture policy and intellectual property policy so that venture companies can continue to innovate amidst changes in the global economic, investment, and technological environments. The Ministry of SMEs and Startups and the Korean Intellectual Property Office responded by agreeing to join forces to establish a foundation for sustainable innovation venture growth.
Vice Minister Kim Sung-seop said, “Due to the U.S. tariff policy and the resulting U.S.-China tariff war, venture companies are facing a difficult management environment due to the slowdown in economic growth and the sluggish domestic economy caused by the triple whammy of high prices, high exchange rates, and high tariffs.” He added, “We will actively reflect the suggestions made at the meeting to help venture companies enhance their competitiveness in our policies, and we will do our best to ensure that the two organizations actively cooperate in the intellectual property rights sector, which is closely related to the Korean Intellectual Property Office, to increase policy synergy.”
Kim Wan-ki, Commissioner of the Korean Intellectual Property Office, said, “In order for venture companies to secure differentiated competitiveness in the new trade and trade environment, it is most important to create and utilize luxury 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 luxury patent strategies and protection support optimized for the countries in which they are advancing overseas.”
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