The Ministry of SMEs and Startups (MSS) and the Korean Intellectual Property Office (KIPO) convened a joint policy meeting with venture businesses on April 22 in Seoul, organized in collaboration with the Korea Venture Business Association (KOVA).

The meeting addressed intellectual property challenges facing venture businesses expanding into emerging industries and global markets. These companies, which on average hold more than 10.1 industrial property rights, represent only 0.5% of all Korean businesses but generate combined sales of KRW 242 trillion, making them the third-largest business sector in Korea.

Venture businesses play a crucial role in Korea’s industrial ecosystem, with export ratios 4.2 times higher and R&D expenditure 5.8 times greater than ordinary SMEs.

During the meeting, venture businesses presented recommendations on several topics including:

• Improving performance compensation systems
• Protecting AI technology
• Enhancing patent examination processes
• Expanding technology protection and export support
• Strengthening commercialization support for intellectual property
• Enhancing inter-departmental collaboration for companies with excellent patents

KOVA President SONG Byung-joon called for collaborative support from both ministries and emphasized the need for continued innovation amid changes in the global economy, investment environment, and technological landscape.

MSS Vice Minister KIM Sung-sup acknowledged the challenging management environment facing venture businesses due to economic slowdown from U.S. tariff policies, U.S.-China trade tensions, and domestic economic stagnation. He pledged to incorporate the meeting’s suggestions into policy development.

KIPO Commissioner KIM Wan Ki stressed the importance of developing premium patents that broadly protect core technologies to give venture businesses a competitive edge in evolving global markets. He committed to strengthening collaboration with MSS to provide optimized patent strategies and protection support for overseas market expansion.