[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 25th that it is recruiting participating companies through the 'Outstanding R&D Innovative Product Designation' system.
This recruitment was prepared to revitalize public procurement of products recognized for their innovation produced through technology development (R&D) support. Applications will be accepted from the 26th via the Ministry's Technology Development Project Integrated Management System website.
The Ministry plans to announce the recruitment of 'innovative products' once each in the first and second half of this year. The first half application period will proceed until April 8. The second half announcement is scheduled for July.
Eligibility for application is limited to small and medium enterprises that have received R&D funding from the Ministry and have completed (successfully) development within 5 years as of the application deadline. Based on the submitted materials, a comprehensive evaluation will be conducted on three indicators: technological innovation, marketability, and social necessity.
The Ministry plans to involve public procurement experts as evaluation committee members to actively reflect public procurement suitability in the evaluation. Once designated as an innovative product, the product will be registered in the Public Procurement Service's electronic procurement system, and if public institutions wish to purchase the product, they can directly conclude a private contract with the company or proceed with a contract according to the Public Procurement Service's purchase request procedures.
Won Youngjun, Director of Technology Innovation Policy at the Ministry, said, "We plan to actively support small and venture companies with excellent innovative products to enter the public market more easily through this system, and for the public market to serve as a stepping stone for the growth of small and venture companies."
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