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Subject : Company to Counter Patent Troll to Be Set Next Month   
Date 2010-08-31 Visit 2876

South Korea will launch a corporation next month which is designed to cope with an aggressive patent filing strategy by foreign companies and help protect domestic intellectual property rights.

The company is called ‘Creative Capital’ and it will initially comprise of 20 degreed engineers, lawyers, patent agents and accountants, according to the Ministry of Knowledge and Economy.

Mr. Huh Gyeong-mann, former auditor of Korea Investment Corporation, was appointed to head the company which will be invested from both the public and the private sector.

The company’s capital will be expanded to 500 billion won ($417 million) by 2015 and the government will fund 200 billion won into it.

Mr. Huh said in an interview with Maeil Business Newspaper that “the company is at the preparatory stage to recruit people and set up a business plan and it will officially begin operations next month.”

The company’s main goal is to secure excellent ideas, inventions and patents both at home and abroad to create a right to enforce them and establish a high value added portfolio of intangible assets.

It will not only purchase inventions and patents but also refine them into more value-added assets that can be used freely by participating investors.

The company expects such functions to help cope with the patent filing by non-practicing entities (NPE) while supporting domestic companies by providing its patents.

An NPE is an organization that uses its patents to generate revenue without manufacturing the products that the patents pertain to.
 

 

 

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