SMEs Designated as Excellent R&D Innovative Products Secure 11.4 Billion KRW Contracts in 4 Months

[Asia Economy Reporter Lee Jun-hyung] The 'Excellent R&D Innovative Product Designation System' introduced this year by the Ministry of SMEs and Startups (MSS) has shown excellent results along with positive responses from small and medium-sized enterprises (SMEs).

According to the 'Excellent R&D Innovative Product Public Procurement Performance and Satisfaction Survey Results' announced by MSS on the 31st, among the 44 innovative product companies designated in the first round last July, 21 companies signed contracts worth 11.4 billion KRW from August to November. 95.5% of the companies designated as innovative products responded that the system helped them pioneer the market. Additionally, 70% reported an increase in purchase inquiries after being designated as innovative products.

The 'Excellent R&D Innovative Product Designation System' allows for direct contracts with public institutions for innovative products with outstanding public value among those supported by MSS's technology development assistance. The ministry also supports promotion and matching so that designated SMEs can find demand public institutions and proceed to contracts.

For example, Chamsol Tech’s 'Myeonjin Table,' designated as an excellent R&D innovative product, signed contracts worth 1.48 billion KRW with Ulsan Thermal Power Plant and the Ministry of the Interior and Safety. The Myeonjin Table is a product that prevents damage to vibration- and shock-sensitive equipment such as communication devices and measuring instruments caused by earthquakes. Utsam’s 'Negative Pressure Carrier,' an isolation and transport device for infectious patients that integrates isolation and transport functions, also signed contracts worth 1.66 billion KRW with the Korea International Cooperation Agency and the Public Procurement Service.

For the second round of excellent R&D innovative product designation, 158 products applied. MSS selected 53 products as candidates and plans to make the final designation through the Procurement Policy Deliberation Committee in early January next year. By sector, the candidates include ▲Information and Communication 15 (28%) ▲Mechanical Materials 14 (26%) ▲Electrical and Electronics 9 (17%) ▲Chemicals 6 (11%) ▲Bio-Medical 4 (8%). MSS plans to continuously expand the designation of innovative products so that they can be stably established in the market based on public sector purchases.

Promotion and matching support for innovative products will also be strengthened. MSS will operate an online exhibition hall at all times where companies designated as innovative products can post detailed information and conduct purchase consultations. In addition, starting next year, a pilot purchase project for innovative products will be promoted targeting 11 affiliated organizations.

Won Young-jun, Director of Technology Innovation Policy at MSS, stated, "We will regularize matching days by sector such as energy and bio-health," and added, "We will spare no effort to provide multifaceted support to expand the purchase of innovative products by public institutions."

This content was produced with the assistance of AI translation services.