Webinar on Activating Open Innovation for SMEs Held

Expert Forum for Preparing Support Measures for Innovative Growth of Small and Medium Enterprises

Choi Soo-kyu, former Vice Minister of the Ministry of SMEs and Startups (fourth from the left), is chairing the discussion at the webinar on revitalizing open innovation in small and medium-sized enterprises.

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) and the Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 24th that they held a webinar at The-K Hotel in Seoul on the theme of "The Role and Tasks of Public and Private Sectors for Activating Open Innovation in SMEs."

This webinar was organized to explore ways to redefine Kibo's role and functions to activate technology transactions and M&A for SMEs following the amendment of the "SME Technology Innovation Promotion Act" in April. Due to the COVID-19 pandemic, only a minimal number of webinar officials and panelists attended in person, and the event was conducted via live broadcast on YouTube.

The webinar was held together with Kibo's "Trust Technology Transfer Briefing," one of Kibo's support programs for open innovation in SMEs. Based on the discussions during this webinar, Kibo plans to establish various support measures for open innovation in SMEs and actively promote new business initiatives.

Chairman Jung Yoon-mo stated, "Amid the economic crisis caused by the COVID-19 aftermath, the growth of SMEs, which account for 99% of Korean companies, is the key to overcoming national difficulties. With the amendment of the SME Technology Innovation Promotion Act laying the foundation for SME technology innovation, I hope that diverse and practical support measures will be derived through this webinar."