Source: Grill IP patents news
In Korea it is quite a thing to work with start-ups, and they do their job. Especially if an idea of a startup is backed by a patent. Venture companies invests in such projects gladly. That is what happened with the startup company Andromeda, which was founded by Min Jae-myoung, 28-year-old businessman from Seoul. He decided to rent a patented method of advertising distribution, the so-called method of filling waiting time with ads. The Patent Office once had decided that the idea was original, and patent documents had been issued. The Seoul businessman decided to adopt this method and launched the app for smartphones. He has got the patent from the patent pool of the owners, SK Group, along with support from investors. What is the principle of the new method? Smartphone users are invited to earn money by listening to audio ads during 5 seconds, while they wait for the called end. The money is scarce, but as it turned out, this is a very popular way to improve one’s financial situation. Students of Seoul Universities like this method especially. Most of the more than 100,000 subscribers to Adring application are students.
Patent pools are becoming more popular in Asian countries and are actively supported by local governments.
Related links:Andromeda, free patent transfer, IP News, Korea, patent, Seul, SK Telecom