Government Improves IP Valuation System to Boost Technology Transfer and Transactions

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government is establishing a legal basis for technology and intellectual property (IP) valuation and enhancing the capabilities of evaluation institutions to improve the technology and IP valuation system in response to the Fourth Industrial Revolution era. The content valuation service will also be expanded to new fields such as music and concerts.

On the 20th, the government prepared the "Plan to Revitalize Technology and IP Valuation in the Fourth Industrial Revolution Era," reported it to the 212th Government Work Evaluation Committee, and finalized it. The goal is to establish an accurate and reliable valuation system to promote technology and IP transfer and transactions, supporting companies' innovative growth and rapid technology development.

First, the government will pursue amendments to the Invention Promotion Act and Technology Transfer Act to clarify the legal basis for technology and IP valuation.

To enhance the expertise of technology and IP valuation, management of private qualification systems operated under similar names by multiple institutions and evaluation institutions with poor performance will be strengthened. To ensure substantial evaluation activities, the government plans to strengthen inspection and management of evaluation performance and capabilities by institution and support the operation of specialized private qualifications by establishing a "Qualification System Operation Guideline."

A plan to improve valuation to support the rapid growth of cultural industries such as content and artworks has also been prepared. The scope of evaluation services, which previously covered six fields including movies, games, and musicals, will be expanded to new fields such as music and concerts. The government will also promote support for establishing private qualifications in the content valuation system, which had been limited to the public sector (Content Valuation Center).

Additionally, to enhance the valuation capabilities of the cultural industry, the government plans to activate research and development of scientific analysis techniques related to artwork appraisal and actively support the training of appraisal and valuation experts.

Furthermore, to prevent unnecessary duplication of valuations and to accumulate and utilize evaluation result databases (DB), the government will strengthen the cooperation system among related ministries (evaluation institutions). It plans to create a "mutual substitution utilization base for evaluation results" among evaluation institutions and interconnect the "valuation DB" scattered across ministries.

A government official stated, "We plan to thoroughly manage follow-up by checking detailed progress by ministry semiannually and reflecting it in government work evaluation results."

This content was produced with the assistance of AI translation services.