Intellectual property applications increased 12.3% in the first half of this year expected to surpass 600000 cases for the first time this year

[Photo provided = imagetoday]

Harsh conditions under the COVID-19 situation could not hinder Korean SMEs and startups.

Korean Intellectual Property Office (KIPO) announced that domestic intellectual applications of the first half of the year are in total 284135 which is an increase of 12.3% compared to last year.

Sorted by rights trademarks had 143652 applications with 18.9% of rapid gains taking the largest number while patents also posted a high 7.4% increase with 106657 applications.

Sorted by applicants it is somehow certain that the increase of intellectual properties (IP) is carried by SME and startup businesses. The total number of intellectual property applications of the first half of this year made by SMEs and startups are increased by 18.6 percent 87729 cases compared to last year and the growth rate is the highest in recent 20 years (2001-2021).

Startups applicated in total of 30493 and the increase rate of it is 31.0% which is almost three times compared to the average 12.3%.

The current governments IP and venture-oriented policy stance have contributed greatly to the increased applications of IP.

The government have implemented policies such as IP finance to support startups and secure competitiveness in intellectual properties.

Kim Yong-rae head of the KIPO said that if the trend continues it will be able to surpass 600000 intellectual property applications for the first time this year which will be a big achievement in two years after reaching 500000 in 2019. He also added that the office will actively carry out related policies to spread social awareness of the value of IP so that SMEs and startup companies can secure technological competitiveness.

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