Open IP Innovation: Korea's Creative Economy Innovation Centers

The South Korean government opened its 12th creative economy innovation center in Yeosu recently. The creative economy innovation center project is to provide business platform for creative start-ups and SMEs in collaboration with incumbent companies. The South Korean government is going to open five more creative economy innovation centers this year. Start-ups can have several incubating supports including office space, legal and financing services, engineering facilities and testing equipments. A key hosting company in each regional center will develop a business ecosystem collaborating with other affiliated start-ups and SMEs for a specific industry.

For example, LG Group will help to incubate 20 biotechnology venture businesses this year through the Chungbuk regional creative economy innovation center. LG Group also opened its 52,000 patents to SMEs and start-ups through the IP support zone of the center. Total of 5,200 patents will be provided for free. Samsung Group also opened its 38,000 patents in various fields including telecommunication, semiconductor and display to SMEs and venture companies through the IP support zone of the Daegu-Kyeongbuk regional creative economy innovation center. Total of 3,000 patents will be provided for free. Samsung Group will send its patent experts to the center to help exploiting its patents by the selected members of the center.

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