The 1st Mid-sized Enterprise Innovation Fund Formation Agreement Ceremony Held
"The first innovation fund specialized for mid-sized companies, which injects policy funds centered on mid-sized enterprises, will be recorded as a new public-private cooperation model that revitalizes the dynamism of the industrial ecosystem in the Republic of Korea." Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises (KFME), stated this at the '1st Mid-sized Enterprise Innovation Fund Establishment Agreement Ceremony' held jointly with the Ministry of Trade, Industry and Energy at The Plaza on the 9th.
Chairman Choi emphasized on the day, "We will do our best to trigger large-scale open innovation for discovering new growth engines centered on the 1st Mid-sized Enterprise Innovation Fund, which will be established with a scale of 100 billion KRW by November this year." The 1st Mid-sized Enterprise Innovation Fund is the first domestic public-private cooperation fund specialized for mid-sized companies, focused on strengthening technological competitiveness and discovering growth engines such as entering new businesses. The fund plans to raise a total of 100 billion KRW by November this year by matching 40 billion KRW of government policy funds, 10 billion KRW of mid-sized enterprise contributions, and 50 billion KRW of private funds.
Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises, is delivering the opening address.
Chairman Choi explained, "It is well known that most policy funds, such as the Ministry of SMEs and Startups' mother fund and the Financial Services Commission's Growth Ladder Fund, have focused on fostering small and medium enterprises. The innovation fund, which is the first to focus government policy funds on mid-sized companies, has great significance as a reaffirmation of the economic and social value of mid-sized companies and an active recognition of their future vision."
The establishment of the 2nd Mid-sized Enterprise Innovation Fund will also begin within this year. KFME plans to use the innovation fund as seed money to jointly establish a 1 trillion KRW scale Mid-sized Enterprise Leap Support Fund with the Ministry of Trade, Industry and Energy by 2027, and support various open innovations such as matching innovative startups and research and development (R&D) technology testing and certification. Chairman Choi said, "We will do our best to ensure that the spirit of challenge and innovation spreads throughout the industry, including mid-sized companies, through the successful establishment and investment of not only the 1st Mid-sized Enterprise Innovation Fund but also the planned 1 trillion KRW Mid-sized Enterprise Leap Support Fund."
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