In an era where innovation is paramount, South Korea is witnessing a transformative shift as prominent researchers pivot from traditional entrepreneurial paths to becoming advocates for deep technology development. Dr. Jeon Nam-jung, the head of the Photonic Energy Research Center at the Korea Institute of Chemical Technology, emphasizes the critical role of researchers in the commercialization of deep tech products. In a recent interview with Money Today, he articulated the potential of turning a modest startup into a unicorn company by leveraging cutting-edge technology rather than solely focusing on launching new ventures.
A pivotal change is on the horizon with the implementation of the ‘Conflict of Interest Prevention Special Provision’ in March 2024, aimed at fostering a more collaborative environment between researchers and commercial enterprises. This legislative change allows researchers to hold equity in companies to which they have transferred technology, a significant shift from the previous restrictions that hindered their ability to engage directly with the entrepreneurial ecosystem.
Dr. Jeon, a recognized authority in perovskite solar cells, has been acknowledged as one of the world’s most influential researchers by Clarivate Analytics for three consecutive years, a distinction awarded to only the top 0.1% of researchers globally. His work in transferring innovative technologies, such as the materials and processes for large-scale production of solar cells, signifies a commitment to not only advancing scientific research but also contributing to the growth of the industry.
Historically, researchers at government-funded institutions faced legal impediments when attempting to provide paid consulting to startups or companies benefiting from their technology. This was primarily due to concerns over potential conflicts of interest arising from their direct involvement in both research and commercial activities. However, the impending enactment of the amended law will enable researchers to participate more actively in the commercial sector without the fear of legal repercussions.
Dr. Jeon highlights the disparity between the operational flexibility of university professors and researchers at publicly funded institutions. While university faculty members can serve as external advisors or take on paid consulting roles, researchers in government institutions have been largely restricted from engaging in similar activities due to stringent regulations. This has led to an environment where many researchers have been compelled to provide technical support on a pro bono basis, significantly limiting their ability to benefit from their own innovations.
The new provisions are anticipated to alleviate some of the burdens on researchers, allowing them to engage more fully with the commercial landscape. Nevertheless, Dr. Jeon is cautious in his optimism, noting that further challenges remain, particularly regarding the issue of double taxation associated with technology transfers. When researchers receive compensation for their inventions, a substantial portion is claimed by their institutions, and the remaining amount is categorized as taxable income, leading to financial strain during tax season. This cycle of taxation has discouraged many from pursuing technology transfer opportunities, as the rewards do not adequately compensate for the risks involved.
Dr. Jeon advocates for a reevaluation of the policies governing research institutions, arguing that they should be more aligned with the realities of the industry. He insists that there should not be a disparity in treatment between researchers in academic settings and those in government-funded institutions. His vision is clear: to retain top talent within research institutions, it is essential to create an environment where researchers are incentivized, not penalized, for their contributions to innovation.
In conclusion, as South Korea’s landscape for deep tech continues to evolve, the role of researchers is becoming increasingly vital. With legislative changes on the horizon and the potential for new collaborations between academia and industry, the future appears promising for those at the forefront of scientific advancement. The journey ahead is undoubtedly challenging, but with a collective effort to bridge the gap between research and commercialization, the possibilities for growth and innovation are boundless.
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