New Album Partners with Public Procurement Service to Support Market Access for Startups and Venture Companies
[Asia Economy Reporter Song Seung-seop] The Korea Credit Guarantee Fund (KODIT) is joining forces with the Public Procurement Service (PPS) to support market access for startup and venture companies.
On the 2nd, KODIT signed a Memorandum of Understanding (MOU) with PPS at Prot One in Mapo-gu, Seoul, titled "MOU for the Expansion of Innovation Procurement Outcomes and Support for Market Access of Startup and Venture Companies."
This agreement was established to activate 'Venture Nara' and 'Innovation Procurement.' Venture Nara is an exclusive shopping mall for new venture and startup companies, while Innovation Procurement is a system where the public sector becomes the first purchaser of innovative products to support companies. The strategy is to expand public procurement channels for companies with technology and innovation capabilities to support stable growth.
Under the agreement, KODIT will be designated as a 'Recommended Institution for Venture Startup Innovation Procurement Products' for Venture Nara. When KODIT recommends products from excellent startup and venture companies to PPS, PPS will conduct quality and public procurement suitability evaluations for the recommended products. When designated and registered on Venture Nara, the technology evaluation will also be waived.
Additionally, starting from the second half of this year, KODIT will reduce the guarantee fee by 0.2 percentage points for companies whose products are registered on Venture Nara or finally designated as innovative products by PPS.
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Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, emphasized, "The purpose of this agreement is to help companies struggling due to COVID-19 secure a stable growth foundation through public procurement channels," adding, "We will spare no support to help excellent venture and startup companies lead the innovative growth of the national economy by using the public procurement market as a stepping stone."
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