The industry ministry of South Korean tech, Samsung Electronics, made a major revelation about the firm’s thought of making use of their patent technologies on Tuesday. Samsung will let smaller local firms utilize more of its royalty-free technology. With 123 different types of patent innovation, Samsung aims to achieve its objective of expanded growth. These 123 types of patent offer without paying royalties in a variety of industries, including semiconductors, displays, and mobile devices.
Over 86 smaller firms will benefit from this. This patent technology sharing programme was initiated by the government in 2013; starting from then, 2,979 patents have been shared by 33 conglomerates and state-run businesses for benefitting 1,416 smaller businesses. After two years, in 2015, Samsung became a part of this programme and distributed around 1,082 patents to 588 companies, as stated by the ministry.
A Memorandum of Understanding(MoU) was inked between Samsung and the Korean Institute for Advancement of Technology so that every party can be benefitted from this. More domestic firms can achieve a milestone in their business career by utilizing patent-sharing tech since a leading manufacturer like Samsung has come forward to offer it free.
Hwang Soo-seong, the senior ministry official, declared,” This programme has served and will serve as a good chance for smaller companies to upgrade their tech competitiveness.”
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