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Daegu to Step Up Efforts to Foster “IP Star Companies”

(DAEGU = Newsis) The city of Daegu will push ahead with its plan to foster “IP Star Companies” in a bid to strengthen local small and medium-sized enterprises’ competitiveness of intellectual property and foster local small hidden champions.

“IP Star Companies Support Program” is a business project that aims to discover prospective SMEs with outstanding technologies, patents, designs and trademarks and provide active support for them to grow into companies. The project is run by the city of Daegu and Korea Intellectual Property Office (KIPO).

This year, a total of 24 locally based SMEs applied for the program.

The city of Daegu and KIPO assessed various factors including the number of employees, number of patent applications, expected effect of technologies and will of entrepreneurs, and selected 14 companies as successful candidates for this year’s program.

The selected companies are Kumho E&G, Nutech Co., Ltd., Dae Sung Industries Co., Ltd., Daesung Co., Ltd., Dongbang Plantech Co., Ltd., Dong Sung Industrial Co., Ltd., Dongwon Industry Co., Sekwang Hi Tech Co., Ltd., Ace Inno Tech, Uni Tech System Co., Ltd., Jeonjinbio Co., Ltd. and Hirosci.

The companies will receive up to KRW 70 million every year from the Daegu Regional Intellectual Property Center, and other customized supports including supports for patent applications (up to KRW 200 million per annum) and development of new brands and product designs.

Source Text

Source: Newsis (Mar. 10, 2014)

** This article was translated from the Korean.