TIPA Strengthens Support for Challenging R&D of SMEs... Up to 600 Million KRW per Company

2021 2nd Postpaid R&D Project Announcement

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups and the Technology and Information Promotion Agency for SMEs (TIPA) are recruiting small and medium-sized enterprises (SMEs) to participate in the second round of the 2021 'Postpaid Research and Development (R&D)' program.

The 'Postpaid R&D' support project operates on a 'perform first, support later' basis, where 25% of the government-supported R&D funds are prepaid upon project selection, and the remaining 75% is paid after the final evaluation and settlement upon project completion.

This program was introduced last year to encourage challenging and creative technology development by R&D-performing companies and to increase their responsibility for project execution. The development period is up to two years, and the support amount is up to 600 million KRW per company. During the R&D period, companies are required to use their own resources to carry out the R&D.

Excellent companies in the postpaid R&D program will receive benefits such as exemption from technology fees, as well as exceptional incentives including technology guarantees and support for follow-up projects.

The support fields include the 4th Industrial Revolution (4IR), BIG3 (future automobiles, system semiconductors, bio-health), and non-face-to-face/service sectors. To enable rapid R&D support, the selection and evaluation process has been simplified, and final support projects will be selected through face-to-face evaluations.

Lee Jae-hong, Director of TIPA, stated, "Various support methods are necessary for innovative and bold R&D by SMEs with excellent technology and research environments," adding, "We expect that postpaid R&D support will serve as a catalyst for the growth of innovative companies leading the market."

Applications for the program are open until 6 p.m. on the 12th of next month. Detailed information can be found on the online homepage of the SME Technology Development Support Project Integrated Management System.

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