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April 23, 2025                                    
                                               
MSS and Korean Intellectual Property Office Hold Joint Meeting on Venture Business Policy

SEJONG – The Ministry of SMEs and Startups (MSS) and the Korean Intellectual Property Office (KIPO) held a policy meeting with venture businesses, in collaboration with the Korea Venture Business Association (KOVA, President SONG Byung-joon), on April 22 in Seoul.

The joint meeting between MSS and KIPO was organized to address intellectual property challenges faced by venture businesses, which are expanding into emerging industries and global markets. These businesses, on average, hold more than 10.1 industrial property rights. The meeting is also part of proactive administrative measures to support global expansion through inter-departmental cooperation.

Although the approximately 40,000 venture businesses make up only 0.5% of the total number of companies, their combined sales reach KRW 242 trillion, ranking them third in the business sector. They play a pivotal role in driving innovation within the industrial ecosystem, with an export ratio 4.2 times higher and a research and development expenditure ratio more than 5.8 times that of ordinary SMEs.

The venture businesses in attendance presented suggestions on a variety of topics, including: improvements to the performance compensation system, protection of AI technology, enhancements to the patent examination system, expanded technology protection and export support for SMEs, strengthened support for the commercialization of intellectual property for innovative companies, and enhanced inter-departmental collaboration for companies holding excellent patents.

KOVA President SONG Byung-joon called for collaborative support from both ministries overseeing venture and intellectual property policies. He emphasized the need for venture businesses to continue innovating in response to changes in the global economy, investment environment, and technological landscape. In response, MSS and KIPO agreed to work together to create a sustainable foundation for the growth of innovative ventures.

Vice Minister KIM Sung-sup stated, “Venture businesses are facing a challenging management environment, influenced by the economic slowdown from U.S. tariff policies, the ongoing U.S.-China trade war, and domestic economic stagnation due to high prices, high exchange rates, and high tariffs.” He added, “We will actively incorporate the suggestions made during the meeting into our policies, and both agencies will work to enhance policy synergy in the field of intellectual property rights, closely related to KIPO.”

KIPO Commissioner KIM Wan Ki stated, “In today’s evolving trade and commerce landscape, it is crucial for venture businesses to develop and leverage premium patents that can broadly protect core technologies, giving them a differentiated competitive edge.” He also added, “We will strengthen our collaboration with MSS to ensure venture businesses receive optimized patent strategies and protection support in their target overseas markets.”