Venture and Startup Testing 'Platform' Launched... K-Testbed Debuts

Hong Nam-ki: "'Second Venture Boom' Catalyst... Strengthening Economic Dynamism"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance. / Photo by Hyunmin Kim kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has launched 'K-Testbed,' an integrated platform that supports prototype demonstration and domestic and market expansion for venture and startup companies. The government expects this to contribute to nurturing venture and startup companies that have technological capabilities but face difficulties in attracting market investment and commercializing their products.

The Ministry of Economy and Finance announced this on the 25th at 2 p.m. during the 'K-Testbed Launch and Joint Agreement Ceremony.' The event was hosted by the Korea Water Resources Corporation, with participation from the Korea International Trade Association and 44 public institutions.

K-Testbed is an integrated platform that consolidates support systems for demonstration, procurement, and market development for small and medium-sized venture and startup companies. Including the Korea Water Resources Corporation, which is the pilot operator of K-Testbed, the participating institutions (44 public institutions and the Korea International Trade Association) provide their unique infrastructure to offer opportunities for small and venture companies to demonstrate new technologies and prototypes. The goal is to nurture unicorn companies through this initiative.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said, "I expect K-Testbed to further spread the 'second venture boom' and act as a catalyst to strengthen the dynamism of our economy," adding, "I firmly believe it will serve as a foundation for co-growth between public institutions and private companies."

Park Jaehyun, President of Korea Water Resources Corporation, stated, "Based on our experience and know-how, we will do our best to ensure the early establishment of the national K-Testbed."

In the second half of the year, a joint demonstration support project call and operation for K-Testbed participating institutions will be conducted. Based on the results of the demonstration support project operation, plans will be made to establish a formal platform and link public procurement and overseas market channels.

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