Public Procurement Service Expands Entry of Youth Startup Companies into 'Venture Nara'

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Public Procurement Service (PPS) is expanding the entry of youth startup companies into Venture Nara.

The PPS announced on the 15th that it will revise regulations to help venture and startup companies enter Venture Nara, effective from the 1st of next month.

The regulation revision was prepared to support early-stage startups and venture companies, including youth startups, to promote corporate growth through entry into Venture Nara.

The key points of the revision are to remove entry barriers for youth startups into Venture Nara and to enable rapid product registration.

First, the PPS will grant additional points to youth companies aged 39 or younger during the product designation review for Venture Nara registration, easing conditions for youth companies to enter the public procurement market through Venture Nara. This measure aims to increase the proportion of youth companies, which currently account for about 10% of all companies in Venture Nara.

The basis for the Venture Nara "pre-registration" project was also newly established through the regulation revision. The purpose of the newly established regulation is to allow youth companies to register products immediately in Venture Nara without going through complicated designation procedures when participating in the pre-registration project, enabling products to be quickly registered in the procurement market and disclosed to demanders.

In addition, the PPS included measures to strengthen quality management of national safety supplies and to limit Venture Nara registered products to domestic products to enhance quality reliability in the revision.

Kim Eung-geol, Director of Innovation Procurement Planning at the PPS, said, "We revised related regulations focusing on preferential treatment for youth startups and rapid product registration. The PPS will continue to strive to support the process where excellent products of venture and startup companies pioneer sales channels in the procurement market and increase product value."

Meanwhile, Venture Nara is a dedicated shopping mall for startup and venture companies established by the PPS in October 2016 to support initial sales channels and entry into the public procurement market for startups and venture companies that face difficulties entering the public procurement market despite excellent technology and quality.

Venture Nara's sales performance last year was 125.5 billion KRW, nearly triple the scale of growth compared to its first year of operation.

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