Applications Accepted Until the 4th of Next Month
59 New Innovative Products Designated in the First Half of the Year
The Ministry of SMEs and Startups announced on the 5th that it will promote the second half recruitment for the ‘2024 Innovative Product Designation System’ until the 4th of next month.
The Innovative Product Designation System was established to help pioneer initial public market channels worth 209 trillion KRW annually, based on innovative products developed through R&D projects of small and medium enterprises.
Applicants must be products that have commercialized technology developed through SME R&D support projects under the Ministry of SMEs and Startups completed within the last five years. The Ministry plans to finalize the selection of innovative products by December this year through evaluations of public interest and innovation, procurement suitability reviews, and deliberations. Applications for innovative products can be submitted through the Comprehensive Management System website for SME Technology Development Projects.
Notably, from this year’s recruitment of innovative products, a two-stage evaluation system of public interest and innovation has been introduced. If an applicant fails the first stage ‘public interest evaluation,’ they are excluded from the second stage ‘innovation evaluation.’ Only those scoring above 75 points in the innovation evaluation can proceed to the procurement suitability review.
Once designated as an innovative product, it becomes possible to participate in public procurement through direct contracts with public institutions without amount limits for three years. Various procurement exceptions, such as the innovative purchase target system, also apply. It has been confirmed that innovative products designated by the Ministry so far have achieved 269.6 billion KRW in public procurement performance and about 42.2 billion KRW in export results.
In the first half of this year, 59 innovative products were newly designated. Major products include ‘WiseTopo,’ a module that adds 3D functionality to a 2D microscope camera with simple attachment, and a ‘Freeze Prevention Valve’ that prevents freezing without power by applying a shape memory alloy temperature-responsive reaction element.
Kim Woo-sun, Director of Technology Innovation Policy at the Ministry of SMEs and Startups, said, “As the Innovative Product Designation System marks its fifth year this year, we will actively support it to firmly back public market pioneering internally and lead overseas market development externally, becoming a global frontier.”
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