The Ministry of SMEs and Startups said on the 23rd it is recruiting startup companies to join the "strategic task solution" program under its public-private open innovation project.
Open innovation is a method of developing new products and services by leveraging external technologies and resources. The Ministry of SMEs and Startups (MSS) supports collaboration between demand corporations such as large and mid-sized corporations and public institutions, and startup corporations, helping with startups' proof of concept (PoC) and prototype production.
In this recruitment, demand corporations present strategic tasks that require collaboration, and startup corporations that can solve them are openly recruited in a "strategic task solution" format. The application period runs from the 24th to the 14th of next month.
Selected corporations will receive up to 140 million won per task in collaboration funds. Outstanding corporations will receive up to 200 million won in follow-up collaboration support along with opportunities to link to technology development programs. The linkage targets include the Startup Growth Technology Development Program (up to 1 year and 6 months, 200 million won) and the Public-Private Joint Technology Commercialization Program (up to 2 years, 600 million won).
This project will be pursued with a supplementary budget. The Ministry of SMEs and Startups (MSS) expanded support to increase market entry opportunities for startup corporations. After selecting 30 companies in the first round, it plans to select 70 companies as support targets this time.
Cho Kyung-won, director general for startup policy at the Ministry of SMEs and Startups (MSS), said, "For startup corporations to grow, opportunities to verify technology in the field and commercialize it are important," and added, "We will support startup companies in creating results by using demand corporations' infrastructure and in laying a foundation for growth through win-win partnerships."