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Taiwan to spend NT$11B. in six years on patent commercialization.

Taipei, Sept. 23, 2010 (CENS)--The Executive Yuan, Taiwan's Cabinet, recently decided to budget NT$11.8 billion (US$368 million) in six years beginning this year to help the islands patent holders commercialize their patents, in a bid to create 39,000 jobs and generate revenue of NT$120 billion (US$3.7 billion at US$1:NT$32).

According to senior Executive Yuan officials, although patents are a core competence of a company, only 0.3% of the islands patents have been commercialized because most of local patent holders have no idea about how to commercialize and sell their patents in international markets, making them dependent on government helps in finding buyers and investors.

To make the commercialization smooth, Premier Wu Den-yih has instructed the National Science Council (NSC), the Ministry of Economic Affairs and the Ministry of Finance to work out solutions. Currently, patented technologies owned by private and public universities in Taiwan are not allowed to go to the private sector, according to the National Property Act.

Senior officials pointed out that Taiwan's patent application process is inefficient now as each case will take at least 46 months before acquiring approval, greatly hurting Taiwans corporate competence.

The Cabinet will help the holders commercialize patents through consulting organizations cooperating with non-profit institutions, government funded projects and match-making transactions.

In the future, the government will raise subsidy spending on each patented-technology development project up to millions or even tens of millions of NT dollar, up from currently ceiling NT$600,000 (US$18,750).

Patent commercialization is Taiwan government's next strategic industry for upgrading the island's economic structure after cloud-computing and intelligent-automobile industries.

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Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:Sep 23, 2010
Words:275
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