Ministry of SMEs and Startups Rolls Up Sleeves to Foster Technology Holding Companies
Announcement of Selection for R&BD Support Institution for Technology Holding Company Subsidiaries
[Asia Economy Reporter Kim Cheol-hyun] A project supporting technology development of technology holding company subsidiaries of universities and government-funded research institutes (hereinafter referred to as research institutes), which serve as the forward base for technology commercialization, will be implemented for the first time.
The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) announced on the 5th that it will specially support technology development for subsidiaries of technology holding companies of universities and research institutes to expand technology transfer and commercialization in new industry fields using public research outcomes.
Through this, the Ministry expects that technology holding companies will support the growth of subsidiaries by utilizing dedicated public technology commercialization organizations and infrastructure for market development, investment, and loan linkage, while subsidiaries can focus on research and development (R&D), leading to a high commercialization success rate and the creation of new jobs. The Ministry plans to select about 10 new consortia and support each consortium with 1 billion KRW annually for three years, totaling approximately 3 billion KRW.
The Ministry expects that this support will promote open collaboration among industry, academia, and research institutes and accelerate the technology adoption of subsidiaries. Additionally, through joint projects between subsidiaries and universities/research institutes, it plans to promote demonstration such as technology development necessary for commercialization, prototype production, and testing and certification.
The applicants are consortia of technology holding companies and subsidiaries based on relevant laws. The application period is from the 5th to the 10th of next month and applications can be submitted through the Ministry of SMEs and Startups Technology Development Project Integrated Management System. The Ministry also plans to hold briefing sessions for technology holding companies, etc., to help understand the purpose, system, and selection procedures of the project. Going forward, the Ministry will verify the continuation of support for projects through annual reviews and plans to flexibly apply the scale of support depending on the project's performance.
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Won Young-jun, Director of Technology Innovation Policy at the Ministry, said, "Since excellent public research outcomes serve as the foundation for high commercialization success rates and high growth, we will actively support the growth of technology holding company subsidiaries into promising SMEs and startups."
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