South Korea’s Ministry of Knowledge and Economy announced that it will create an intellectual property (IP) managing company and invite applicants to be its first CEO. The purpose of the company is to enhance increased value and competitive strengths of the industry by finding and transferring of intellectual property while managing invention capital such as patents and ideas. The government initially considered creating a government organization but decided to create a corporation instead. The reason behind this choice is because it believed that private active participation and free management methods will be effective for activating the IP industry. Another reason behind the creating of such company is to respond to patent trolls overseas and 220 non practicing entities (NPE) that derive profit from patent licenses without manufacturing patented technologies/goods. The company will lead in setting the country’s IP strategies and promote patenting of important technologies. It will also purchase excellent ideas and research results of Korean universities and research institutes. This is to prevent Korean technologies from selling overseas at a very low price. The company will also purchase excellent ideas and inventions and acquire intellectual property rights for them. It will go through a packaging process that will strengthen the patented scope to establish an IP portfolio with high added value.
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