Kibo Implements 'Special Public Procurement Guarantee' for Innovative Startups

Startup Delivery 100% Refund Guarantee and Public Market Support

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 8th that it will implement the 'Public Procurement Special Guarantee' to support startups with excellent technology and business potential but no delivery records in entering the public procurement market.

This special guarantee introduces a new support measure where Kibo refunds the contract amount on behalf of the public institution purchaser in case of any issues, aiming to encourage public institutions, the demand side, to purchase innovative products from startups. First, through a preliminary screening process that evaluates the startup's technology and delivery capabilities using Kibo's unique evaluation system, a 'Technology Guarantee Pre-Confirmation Certificate' is issued. This is provided as a reference material for public institutions, the purchasers, to use when concluding contracts with the startup suppliers. After the delivery contract is signed, if any problems such as defects or contract non-fulfillment occur after the delivery of the innovative product, Kibo guarantees a full refund of the contract amount to the public institution, enabling the purchaser to actively make purchases.

The support target includes all startups planning to deliver products or software to public institutions. In particular, innovative venture companies with promising non-face-to-face products and services and technology innovation-leading startups will be given priority support. Kibo plans to continuously promote a collaborative system to encourage active purchasing by public institutions, the demand side, along with the implementation of this special guarantee. For outstanding technology startups among startups, Kibo intends to provide multifaceted support by linking funds necessary for research and development (R&D) and commercialization with other policy funds.

Jung Yoon-mo, Chairman of Kibo, said, "For innovative startups to leap forward, it is an important task to remove entry barriers so that they can participate in new markets based on the competitiveness of their products and services," adding, "Kibo will take the lead in removing entry barriers for startups through this public procurement special guarantee."

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