OSAKA -- Sharp and Taiwanese parent Foxconn will set up an intellectual property management company Oct. 3 to make better use of the Japanese electronics maker's holdings and employees.

The intellectual property itself will remain in Sharp's possession but be managed by the new Osaka-based venture, ScienBiziP Japan.

ScienBiziP Japan will be capitalized at 5 million yen ($49,100). Sharp will hold a 51% stake, while Foxconn subsidiary ScienBiziP Consulting will own 20%. Officers of the new venture will get 29%.

Sharp employees working on intellectual property will be transferred to form ScienBiziP Japan's staff of 200. Its president will also come from the electronics maker.

Until now, Sharp has "owned a lot of intellectual property, but had unfortunately sold it," said Sharp President Tai Jeng-wu, who doubles as a director at Foxconn, or Hon Hai Precision Industry. "Intellectual property will not be sold."

Sharp said the new venture will "utilize the Foxconn group's intellectual property management skills" and will consider managing other companies' intellectual property to increase revenue.