BUSAN < invest Korea

According to Yonhap News,

Busan City and Busan Techno Park said on February 15 that both sides have agreed to find promising SMEs and venture companies and develop them into the Intellectual Property (IP) Star Global Company.

Under the agreement, Busan plans to intensively support the comprehensive consulting project for patent, commercialization project for patent technology and brand awareness and design value enhancing project. Companies can submit required documents until February 23 for application.

The Global IP Star Company refers to an SME or a venture company that drives the regional economy based on their core patent technology.

For the selected companies, Busan will pay 90% of their costs necessary for patent-related projects for three years and after then, will decide whether to continue support through evaluation.

An SME or a venture company that owns more than 10 cases of patent application or registration and whose sales earned from its patent technology account for a certain amount of sales out of its total sales revenue is qualified to apply for the city support.

The city will select 10 companies through evaluating documents and visiting applicants.

"We will help the selected ones develop into the representative IP companies of Busan through connecting them to other industries and providing consistent follow-up management services," said an official at Busan City.

Source Text

Source: Yonhap News (Feb. 15, 2011)

** This is an English translation of a Korean text.