The Gyeonggi-do Economic Science Promotion Agency is launching the ‘Technology Commercialization Relay Support Project’ to facilitate the successful market entry of outstanding research and development (R&D) projects.
This support project was established to provide related funding so that R&D projects can be successfully completed and quickly proceed to the subsequent commercialization stage.
It reflects the opinions of companies facing difficulties in securing funds amid the recent economic downturn and high interest rate environment.
The support targets five companies that participated in last year’s Gyeonggi-do Technology Development Project and demonstrated excellent results in the final evaluation.
The agency will systematically support the entire commercialization process tailored to each company’s needs and circumstances, including ▲ product development and manufacturing ▲ market expansion ▲ product standard certification for the five selected companies. The total support fund amounts to 68 million KRW.
The selected companies are actively advancing their market entry through the Technology Commercialization Relay Support Project.
Kang Seong-cheon, head of the agency, stated, “The success rate of technology development in the Gyeonggi-do Technology Development Project is very high at 93.3%, but the commercialization success rate is only 53.8%. Through this support, we will continue to provide full backing so that excellent technologies are properly evaluated in the market and achieve results.”
Meanwhile, from 2008 to 2022, the Gyeonggi-do Technology Development Project supported a total of 911 tasks, filed 1,809 patents, and created 8,321 new jobs. It also resulted in an increase of 984.4 billion KRW in corporate sales.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
