Gibo Supports Full-Cycle R&D for Small and Medium Ventures
Introduction of 'BIRD Program'... Up to 10 Billion KRW in Commercialization Funding Upon Success
The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 14th that it will introduce and implement the 'BIRD (Bridge for Innovative R&D) Program' in collaboration with the Korea Institute of Startup & Entrepreneurship Development (hereinafter referred to as Kised) to support the entire research and development (R&D) cycle of small and medium-sized enterprises (SMEs) and startups.
The BIRD program is a collaborative initiative between Kibo and Kised designed to provide step-by-step R&D funding to ensure that SME R&D achievements quickly lead to commercialization. It aims to discover promising technology-intensive SMEs and startups expected to achieve an average annual sales growth of 20% and export growth within three years after starting commercialization.
To activate a private-led innovation ecosystem, Kibo and Kised will provide support in three stages: ▲ Stage 1 involves Kibo guaranteeing 200 million KRW related to the discovery and selection of R&D projects ▲ Stage 2 involves Kised providing up to 1.6 billion KRW in grants for R&D execution ▲ Stage 3 involves Kibo guaranteeing up to 10 billion KRW as commercialization-linked funds.
Since the BIRD program is being implemented for the first time, Kibo will select 48 companies for Stage 1 as a pilot project, and Kised will further select 40 companies from these as R&D target companies to operate the program. The scope of support will be gradually expanded in the future.
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Kim Jong-ho, Chairman of Kibo, stated, "By promoting a project that enables smooth linkage from the R&D planning stage to follow-up commercialization guarantees through collaboration between Kibo and Kised, we expect effective financial support for innovative growth companies." He added, "We will continue to expand collaborative projects with related organizations and strengthen support for promising growth companies to lead the creation of a private-led innovation growth ecosystem."
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