Gwangju Jeonnam Small and Medium Business Administration Starts First Round of Applications for Excellent R&D Innovative Products

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] The Gwangju-Jeonnam Regional Small and Medium Venture Business Administration announced that it is recruiting products with innovation and public value developed by small and medium enterprises (SMEs) to support them by linking with public procurement until the 15th of next month.

The designation of ‘Excellent R&D Innovative Products’ is a system that supports initial market entry by designating products with outstanding innovation and public value among those successfully developed through the Ministry of SMEs and Startups’ research and development (R&D) support projects as ‘Excellent R&D Innovative Products’ (hereafter, Innovative Products).

Despite successfully completing development and achieving excellent technological results through the Ministry’s technology development (R&D) support, SMEs facing difficulties in initial market entry can receive help for early market access by linking with the public sector through this system.

Information about Innovative Products is registered on the Public Procurement Service’s Innovation Procurement Comprehensive Portal (Innovation Market), and participation in public procurement through direct contracts with public institutions is possible for three years after designation.

Last year, the Ministry of SMEs and Startups received 299 product applications through two announcements targeting successful companies supported by technology development in the first and second halves of the year, and newly designated a total of 94 products as Innovative Products.

Innovative Products with technological capability and social necessity are being utilized in various ways in the public sector, and 68% (110 out of 189) of the designated Innovative Products have succeeded in entering the public market, generating a total of 75.7 billion KRW in public procurement performance.

Additionally, among the 189 designated Innovative Products, 17% (28 products) achieved overseas export results totaling 10.63 million USD (approximately 12.8 billion KRW) to 46 countries including the United States.

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