Government-funded research labs, Korea Development Bank, Korea Venture Business Association and Wellture Technology Co Ltd agree to promote ‘Patent Technology Transference Project’


By cooperating with agencies, such as domestic financial bodies and Korea Venture Business Association (KOVA), government-funded research labs are actively commercializing results of their research and development (R&D).

Technology and funding are expected to be combined efficiently during the course of technology transfers. For example, Korea Development Bank (KDB) provides funds directly to companies that chose technologies from research agencies.

According to the announcement by related agencies and companies on March 29, major government-funded research labs, KDB, KOVA and Wellture Technology, agreed to promote a ‘Patent Technology Transference Project’ for companies that chose technologies from research agencies.

Agencies that are reviewing the Patent Technology Transference project include Electronics and Telecommunications Research Institute (ETRI), Korean Electronics Technology Institute (KETI), Korea Institute of Science and Technology (KIST), and Korea Advanced Institute of Science and Technology (KAIST).

The project is attracting interest because of its excellent ‘promotion system’ that transfers technology and commercializes it in a short period of time. When a technology is introduced by a government-funded research lab, Wellture Technology, a company that assesses and transfers technology, analyzes the market potential. Next, the company organizes the technology into a database. Then, KOVA searches for demands.

KDB agreed to supporting funds necessary during technology transfer. For this project, KDB established a budget of 30 billion KRW (31 million USD) this year. A single technology can receive up to 500 million KRW (520 thousand USD) of support.

Using the project system, the problems in technology transfer, such as insufficient connection between supplies and demands of technology, insufficient analysis of market potential, and insufficient funding during the commercialization of technology, are expected to be solved simply.

President SEO, Joo Won of Wellture Technology commented, “We’ve done our best to resolve the difficulties in the course of commercializing R&D results. We will establish a system where supplies and demands of technology can constantly transact.”