Ministry of Science and ICT Selects 8 Projects to Support Technology Development for ICT Startup Companies

[Asia Economy Reporter Eunmo Koo] The Ministry of Science and ICT announced on the 29th that it has selected eight new projects this year under the ‘ICT Future Market Optimization Collaborative Technology Development’ initiative to support domestic ICT startups in developing market demand-tailored technologies through organic collaboration between companies, aiming to enter new markets.

This project supports technology development optimized for market demand by utilizing market experts before and during the technology development process to predict market changes and demands, in order to enhance commercialization outcomes. Support is provided in two stages: ‘Market Demand Optimization (18 months)’ and ‘High-Growth Leap (12 months).’

In January, 80 projects were submitted through the project announcement, and after selection evaluations and a project review committee in February and March, eight projects were selected for the first phase. Before fully starting technology development, from April to June, preliminary support was provided to predict customized market demand for each project by utilizing market experts and consumer groups related to the projects. This was reflected in the research and development plans, and after signing agreements, full support for technology development in the ‘Market Demand Optimization Technology Development’ phase will be provided for 18 months.

Lee Seung-won, Director of the Information and Communication Industry Policy Bureau at the Ministry of Science and ICT, stated, “Just as global companies in the world ICT market actively achieve first-mover advantage and scale expansion through mutual alliances and collaboration, continuous support must be provided so that Korea’s ICT startups can grow and leap forward through organic collaboration.” He added, “We hope that ICT startups will take this project as an opportunity to continuously challenge themselves to enter new markets.”

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