LG opens 29,000 patents…raising USD 150 million venture fund

2015_02_LG innovation centerTo create the creative economy ecosystem in Chungcheongbuk-do, LG will open 29,000 patents and raise a venture fund to the tune of KRW150 billion. Also, LG affiliates, including LG Chem, will invest KRW1,600 billion over a 3-year period to invigorate the local creative economy.

The LG Group announced this plan at the launching ceremony for the Chungcheongbuk-do Creative Economy Innovation Center held at the Chungcheongbuk-do Knowledge Industry Promotion Agency in Ochang, Chungcheongbuk-do on February 4. President Park Geun-hye, Lee Si-jong governor of Chungcheongbuk-do, Koo Bon-moo chairman of LG and the CEOs of over 140 local small and medium-sized venture firms were present at this ceremony.

LG will install the ‘IP Support Zone’ which shares patents with local small and medium-sized venture firms. Here about 29,000 patents, including the 27,000 patents owned by LG and the 1,600 patents of 16 government-funded research institutions, will be opened for free or at minimal costs. Among them, 3,058 patents will be transferred to small and medium-sized venture firms free of charge. The patent areas include bio, beauty and energy, earmarked for the Chungcheongbuk-do area, as well as electronics, chemistry and communication.

For full article, see Korea IT News.