389 Billion KRW Performance-Sharing R&D Support Project, 40 SME Cooperatives Selected

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[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of SMEs announced on the 20th that 40 cooperatives have been selected as recipients for the first phase of the government's 'Performance-Sharing Common Technology R&D Support Project.'

The Performance-Sharing Common Technology R&D Support Project by the Ministry of SMEs and Startups has a total budget of 38.9 billion KRW, supporting up to 1.17 billion KRW per cooperative over three years.

For each project planning phase: △ Phase 1 supports around 40 projects with up to 20 million KRW for project planning costs over three months △ Phase 2 provides up to 1 billion KRW in R&D funding over two years for approximately the top 50% of projects based on Phase 1 evaluation results △ Phase 3 supports 150 million KRW per project to share and disseminate technologies developed in Phase 2.

The project was planned to discover common industry demand technologies centered on the field by SME cooperatives and to improve issues such as low investment efficiency and imbalanced field demand.

In particular, the commercialization sales effect of collaborative technology development was found to be about 8.5 times higher compared to solo development, highlighting the need to expand participation of SMEs and cooperatives that lack funds and manpower.

Cho Jin-hyung, Head of the Cooperative Division at the Korea Federation of SMEs, stated, "As the first support project of the 3rd Three-Year Plan for Revitalizing SME Cooperatives, we expect that R&D collaboration among SMEs will strengthen the competitiveness of cooperatives."

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