Ministry of SMEs and Startups Opens Dedicated Research Center for SME and Venture Technology Innovation Policy Studies

Minister Lee Young, Ministry of SMEs and Startups [Photo by Yonhap News]

[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 27th that it has designated the Science and Technology Policy Institute (STEPI) as a ‘Specialized Research Institution for SME and Venture Technology Innovation Policy’ and opened the ‘SME and Venture Technology Innovation Policy Research Center’ within STEPI.

The newly established institution has been designated as one of the ‘Specialized Institutions for SME Technology Promotion’ under Article 7 of the ‘SME Technology Innovation Promotion Act.’ The Minister of SMEs and Startups may designate specialized institutions for technology promotion among institutions that meet certain requirements, such as national and public research institutes and government-funded research institutes, to efficiently support SME technology innovation promotion projects and carry out related tasks.

STEPI has conducted policy research in various fields related to SMEs and ventures, including SME technology innovation, startups and ventures, and digital transformation. With this designation as a specialized institution, STEPI will receive direct budget allocations from the Ministry of SMEs and Startups necessary for conducting research, enabling it to focus more stably and efficiently on related policy research in the future. As part of this, a policy research center dedicated to planning and researching policies to strengthen the technological innovation capabilities of SMEs and ventures will be established within STEPI, and a dedicated team of experts in the field of science and technology policy will be formed within the center.

The dedicated team will systematically conduct research and investigations related to SME technology innovation, including analysis of government R&D support performance such as the SME Technology Innovation Support System (KOSBIR) and suggestions for improvement, establishment of technology innovation policy directions and strategies for fostering innovative SMEs, and surveys and analyses of related domestic and international systems and statistics.

Cho Juhyun, Vice Minister of the Ministry of SMEs and Startups, stated, “The SME and Venture Technology Innovation Policy Research Center is expected to significantly contribute to creating a policy foundation for the technology innovation ecosystem and to the ‘private-led SME innovation growth,’ one of the new government’s national tasks.” He added, “We will further enhance the efficiency of R&D investment and overall policies to help companies establish a mid- to long-term growth foundation through technological innovation.”

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