Korean government will support the establishment of a 300 billondollar patent fund. By expanding its scale to 1 trillion won, the government plans to raise the fund standing against the foreign patent troll in order to protect the domestic IP and corporations.
Furthermore, through organizing “the advisory council on the national knowledge property” in which the president serves as the chairman, the system is built that can manage the national knowledge property systematically.
Through this, it is expected to get some effects of the international competitiveness strength of knowledge property, the activation of the sleeping patent of small and medium enterprises and universities, and the creation of employment.
According to Korean officials, for the efficient management of domestic knowledge property, on July 26th the ministry of knowledge economy and other relevant government ministries made the scheme like this, and on July 29th, the plan will be finalized after being discussed at the 15th advisory council on the national competitiveness.
The reason why the government makes this plan is to accept the voice of the market which says that we need a large and longterm patent fund to prevent the outflow of national wealth, what is called, the knowledge property. Some experts insist that we use the patents and ideas of small and medium enterprises and universities internationally by creating an over 10 year and multimilliondollar patent fund.
The government’s plan called technology industrialization promotion aims to construct the system on the information and centralization of knowledge property and financial support. First of all, through the information, the government constructs IP data base to manage ideas, and after transforming ideas into competitive patents, it supports the sale and licensing.
It has been pointed out a lot that we need something opposing oversea patent funds which have aggressively purchased the patents of domestic universities and small and medium enterprises recently. The rate of the patent commercialization by domestic universities, corporations, and institutes is currently 43.9%, which is much less than that of the United States whose rate is 65%. More than half of Korean patents are sleeping ones.
A patent expert emphasized that we need to create a large and longterm patent fund immediately to survive the patent war spreading internationally, saying we have no future without a patent.