TIPA, Recruiting R&D Innovative Products Needing Public Market Support

[Asia Economy Reporter Kim Jonghwa] The Korea Technology and Information Promotion Agency for SMEs (TIPA) announced on the 17th that it is recruiting second half (2nd round) innovative products to be supported for public market access through the '2022 Excellent R&D Innovative Product Designation System' until the 31st.

The 'Excellent R&D Innovative Product Designation System' designates products developed based on SME R&D projects that demonstrate technological innovation and public value as excellent R&D innovative products, supporting SMEs' initial market access through public sector direct contracts and pilot purchases.

Since 2020, TIPA has operated the innovative product designation system twice a year, completing the designation of a total of 225 innovative products by the first half of this year. A representative example is Aquacell Co., Ltd.'s 'Deodorizer for Odor Removal at Wastewater Treatment Plants.' Through the innovative product designation, Aquacell signed public procurement contracts worth approximately 1.77 billion KRW with Busan Metropolitan City and Busan Environmental Corporation, resulting in a 110% increase in sales, clearly demonstrating the designation's effect.

Eligible applicants are products commercialized using technologies completed within the last five years under SME R&D support projects supervised by the Ministry of SMEs and Startups. After a selection process, about 60 innovative products will be finally selected by December.

Companies wishing to participate can apply online through the SME Technology Development Comprehensive Management System after obtaining a product identification number from the Korea ON-line E-Procurement System (KONEPS). The evaluation focuses on three criteria: technological innovation, marketability, and social necessity. More detailed information is available through the comprehensive management system.

If designated as an innovative product, companies will gain the qualification for direct contracts with public institutions and local governments without any amount limit for three years, and receive various market support benefits such as pilot purchases from government ministries including the Ministry of SMEs and Startups and the Public Procurement Service.

Lee Jae-hong, President of TIPA, said, "The innovative product designation system is a stepping stone for the innovative growth of SMEs," adding, "We will spare no effort to actively support SMEs with innovation to enter the public market more easily."

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