The Korean Intellectual Property Office Awards Public Proposal Ideas... Over 150 'Transaction Contracts' Expected to be Concluded

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korean Intellectual Property Office (KIPO) will select and award outstanding national ideas submitted to the idea trading platform ‘Idea’ this year. Among the submitted ideas, more than 150 are expected to successfully conclude actual trading contracts with idea demanders.

KIPO announced on the 13th that it will hold the award ceremony for the ‘2022 National Idea Contest’ and the ‘2022 Public Institution Innovation Idea Competition’ at Dreamplus Gangnam in Seoul.

The award ceremony is organized to honor users who proposed ideas on the platform ‘Idea’ this year and demonstrated excellent annual activity performance.

The activity performance is evaluated by combining the number of ideas registered, the number of transactions, and the transaction amounts.

In the National Idea Contest, the Grand Prize in the outstanding performance group category was awarded to the Chorokbada team (Kim Je-sun and Kim Hyun-jin), and the Excellence Award went to the Banjjagi Family team (Lee Bit-na and Lee Kyung-min).

In the outstanding performance individual category, Kim Hyun-jin won the Grand Prize. Notably, Kim achieved a grand slam by winning four awards across four categories (two outstanding performance awards and two special awards) through a total of 12 idea transactions, receiving 2.77 million KRW in transaction fees and 3.3 million KRW in prize money, totaling 6 million KRW, according to KIPO.

The Public Institution Innovation Idea Competition was held once each in the first and second halves of this year. The award ceremony selects the proposer with the highest transaction amount among ideas submitted to solve 32 tasks from 17 institutions.

The first half’s Grand Prize went to Lee Min-joo and Jeon Ba-da, who traded an idea for 2 million KRW in response to the Korea Minting and Security Printing Corporation’s ‘Security Technology-Based New Business Idea.’ The Excellence Award was given to Im Hye-jin and Yang Dong-woo.

The second half’s Grand Prize was awarded to the Chorokbada team (Kim Je-sun and Kim Hyun-jin), who traded six ideas for 1.1 million KRW, and the Excellence Award went to the Hisamo team (Jang Yoon-jung, Kim Sung-hee, and Kim Ji-min).

A total of 2,513 national proposal ideas were submitted to the platform ‘Idea’ this year, and KIPO expects that over 150 of these will be able to conclude actual contracts for idea trading.

Kim Myung-seop, Director of the Industrial Property Policy Bureau at KIPO, said, “Since March last year, KIPO has been operating the idea trading platform ‘Idearo’ to assign value to ideas proposed by the public and to expand idea trading. We will strive to ensure that the innovative ideas of the public can invigorate the growth of domestic companies and economic development.”

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