TIPA, Application and Submission for Outstanding R&D Innovative Products Second Half (2nd Round)

Granting Qualification for Direct Contracts in the Public Sector, Serving as a Catalyst for Public Procurement

[Asia Economy Reporter Kim Jong-hwa] The Korea Technology and Information Promotion Agency for SMEs (TIPA) announced that it will promote the "2021 Excellent R&D Innovative Products Second Half (2nd) Recruitment" from the 8th of this month until the 9th of next month to support public market access for excellent research and development (R&D) innovative products of small and medium-sized enterprises (SMEs).

The "Excellent R&D Innovative Products Recruitment" system designates products developed through SME R&D support projects that demonstrate outstanding technological innovation and public value as innovative products, supporting public sector and negotiated contracts to help early entry into the public market.

Since last year, TIPA has continuously discovered innovative products twice a year in the first and second halves, and through the operation of the first half (1st) last month, newly designated 64 innovative products, completing a total of 159 innovative product designations to date.

Innovative products designated include AP Soft Co., Ltd.'s "Electronic Braille Generation Solution," which provides convenient homepage information for the visually impaired, and Upit Co., Ltd.'s "Multimedia Learning Device," which enables smart school and office construction using smart pens and paper, demonstrating excellence in public convenience, technological innovation, and social necessity.

For the second half (2nd) innovative product discovery, TIPA plans to comprehensively review the innovation, marketability, and social necessity of technologies for applying companies in August and finalize the support targets by December.

Eligibility requires completion of SME R&D support projects under the Ministry of SMEs and Startups within the last five years and commercialization of the technology into products. More detailed information can be found through the "Integrated Management System."

After designation as an innovative product, items can be registered on the "Innovation Market" for negotiated contracts, and promotional materials introducing innovative products will be distributed to public sector purchasing officers to encourage public procurement.

Lee Jae-hong, Director of TIPA, stated, "We hope the innovative product designation system will serve as a stepping stone for SMEs and startups that have developed excellent products but face difficulties in pioneering initial markets through public procurement," adding, "We will continue to actively strive to discover high-quality innovative products and support SMEs and startups in entering the public market."