Kibo Begins Establishing Measures to Promote Technology Transactions and Commercialization for SMEs

Leap to a Leading Technology Innovation Institution through the Establishment of an Open Innovation Dedicated Organization

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter Kibo) announced on the 27th that it has begun establishing plans to expand its role as a leading open innovation institution for small and medium-sized enterprises (SMEs). This follows the enforcement of the amended "Small and Medium Enterprise Technology Innovation Promotion Act," which newly establishes projects to promote technology transactions and commercialization for SMEs and designates Kibo as the dedicated implementing agency.

Before the amendment of the SME Technology Innovation Act, Kibo only performed brokerage and mediation services as one of the technology transaction agencies under the Ministry of Trade, Industry and Energy’s Technology Transfer Act. Going forward, Kibo plans to significantly expand its functions as the dedicated implementing agency for nine tasks related to comprehensive support for SME technology transaction commercialization, newly established by the Minister of SMEs and Startups.

First, based on a government budget of 4.76 billion KRW for next year, Kibo plans to carry out projects to activate SME technology transactions. These projects consist of the SME Technology Transaction Infrastructure Establishment Project, which builds infrastructure to smoothly promote SME technology transactions and commercialization, and the Integrated Support Program for Commercialization of Acquired Technologies, which consolidates fragmented support systems during the commercialization process of introduced technologies.

Organizational system restructuring will also be carried out in parallel to expand Kibo’s role as a leading institution for SME technology innovation. Until now, Kibo operated one headquarters division for technology brokerage and mediation and eight Technology Innovation Centers as sales organizations. Now, to efficiently carry out the nine tasks related to SME technology transaction and commercialization, Kibo will launch a Technology Transaction Integrated Support Task Force and, in the mid-to-long term, establish a separate headquarters and expand and reorganize its sales organizations to perform open innovation support.

Chairman Jung Yoon-mo of Kibo stated, "Open innovation, which reduces the costs and time required for innovation through the introduction of external technologies, is a growth and survival strategy for SMEs to respond to rapidly changing technological environments," and added, "With the recent amendment of the SME Technology Innovation Act, Kibo has taken its first step toward activating open innovation. Moving forward, we will do our best to grow into a comprehensive support institution for innovative growth of SMEs and ventures by adding the status of a leading institution for open innovation in SMEs to our reputation as the nation’s top technology finance and evaluation agency."