"Revitalizing Regions with Deep Tech"... 6 Billion Won Supplementary Budget Injected into R&D Special Zones

Full-Cycle Support from Startup to Scaling Up

Aiming for Job Creation and Economic Recovery

The Ministry of Science and ICT will inject additional funding to revitalize regional economies through deep tech startups. Going beyond simple startup support, the ministry plans to establish a comprehensive support structure that covers the entire cycle from technology discovery to commercialization and scaling up, with the strategy of fostering technology companies rooted in local regions.

On April 21, the Ministry of Science and ICT announced that it would secure an additional 6 billion won for the Research and Development Special Zone Development Project through the 2026 supplementary budget, and officially launch the ‘Five Core, Three Specialized R&D Special Zone Deep Tech Support Project.’ This supplementary budget, which is in addition to the existing main budget of 167.3 billion won, is intended to respond to the recovery of local economies and stabilization of livelihoods, which have been impacted by factors such as conflicts in the Middle East.

Photograph for article understanding. The Asia Business Daily DB

Deep tech refers to fields based on advanced science and technology that require high R&D investment and long-term accumulation, and is considered an area with significant ripple effects on employment and sales compared to general startups.

From Research Results to Startups to Commercialization... Building 'Seamless Support'

This project will be carried out in two stages: ‘planned startups’ and ‘early scaling up.’ First, promising technologies with high commercialization potential will be discovered, focusing on government-funded research institutes and universities. Private expert groups will participate to support the formation of startup teams, business model validation, and the establishment of go-to-market strategies. Through this process, approximately 40 preliminary startup teams will be nurtured.

Subsequently, selected startups will receive further support for technology advancement and commercialization. For a total of 16 deep tech startups, the project will provide assistance with prototype production, performance improvement, testing and certification, and commercialization, helping them enter the market at an early stage.

In particular, the project features support for securing technological competitiveness by leveraging original technologies and infrastructure possessed by research institutes and universities, in parallel with industry-academia collaboration-based R&D (R&BD). The goal is to reduce the ‘funding and technology gaps’ that commonly occur during the post-startup growth phase.

Through this initiative, the Ministry of Science and ICT aims to strengthen the local technology startup ecosystem and lay the foundation for startups to continue their growth without having to relocate to the Seoul metropolitan area.

Lee Eunyoung, Director-General for Research Outcomes and Innovation at the Ministry of Science and ICT, stated, “This supplementary budget will contribute to job creation and the recovery of regional economies by revitalizing deep tech startups,” adding, “We will continue to expand startup support to drive regional innovative growth centered on R&D special zones.”

The project announcement can be found on the websites of the Ministry of Science and ICT and the Innopolis Foundation.

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