"Need for Policy Support on SME Structural Innovation During Industrial Structure Transformation"

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[Asia Economy Reporter Kim Cheol-hyun] An analysis has emerged that policy support is needed for small and medium-sized enterprises (SMEs) to respond to the new corporate environment transitioning to a digital and eco-friendly economic structure, including business structure transformation, strengthening digital capabilities, and labor transition support for companies and workers in industries facing stranded asset risks.

The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced this on the 21st by releasing the results of a study on policy support measures for structural innovation of SMEs during the industrial structural transformation period.

According to the 'SME Business Structure Transformation Response Trend Survey' conducted by SBC, among the respondent companies, half of those who decided on structural transformation were considering entering new businesses that require difficulty levels comparable to new startups, and 73% made the decision on structural transformation independently. Additionally, more than half (57%) remained at the planning stage, and 81% did not have a dedicated organization for structural transformation response. The difficulties in responding to structural transformation were found to be a lack of funds (48%) and professional personnel (18%).

SBC suggested that since SMEs lacking funds and personnel are choosing high-difficulty new business entry strategies without dedicated organizations or external assistance, difficulties are expected during the implementation process. Therefore, it is necessary to establish a one-stop support system to effectively respond to the diverse structural innovation demands of SMEs. Specifically, this involves proactively and integratively identifying structural innovation demands through crisis group monitoring, helping experts assist companies in establishing suitable structural innovation promotion strategies, and strengthening synergy through customized policy linkages by sector.

Furthermore, SBC proposed measures to create a foundation for revitalizing structural innovation by focusing on nurturing promising leading companies in crisis industries linked to regional key industries and utilizing excellent cases to spread policies. Moreover, since delays in structural changes can lead to regional economic stagnation, job losses, and widening regional disparities, it is expected that preparing specialized structural innovation support programs considering regional industrial structures will help strengthen the competitiveness of regional SMEs and enhance economic vitality.

Chairman Kim Hak-do said, "SBC will discover demand companies centered on structural innovation support centers located in 10 regions nationwide, assist in establishing structural innovation roadmaps, and tailor various policy tools such as business transition fund support." He added, "We will systematically support the successful structural innovation of small and medium ventures so that they can become the main actors in the national economic structure transformation."

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