DAEJEON — The Korea Innovation Foundation (INNOPOLIS) and the Korea Technology Finance Corporation (Kibo) will jointly support the commercialization of companies built on publicly funded technologies.
The two organizations said on the 14th that they signed a cooperation agreement to accelerate commercialization by public technology-based companies at Kibo's headquarters in Busan on the 13th.
Under the agreement, the two will identify promising technology companies within the country's special research and development zones and strengthen tailored support for them.
The foundation will expand the pool of companies eligible for financing links beyond existing research institute spinoffs and advanced technology firms to include companies that have carried out R&D zone development projects within the past five years. It will identify and recommend promising firms in need of technology financing.
Kibo will review tailored support and preferential terms for the recommended companies, including technology guarantees for R&D commercialization, technology appraisals, and technology transfer and protection. The foundation plans to review follow-up commercialization support based on Kibo's track record of assistance.
The two organizations also agreed to link zone-based companies to Kibo's R&D commercialization guarantee, a guarantee product available only to R&D companies that supports the commercialization of government R&D outcomes and technologies transferred from public research institutions. Kibo plans to extend 340 billion won ($239 million) in such guarantees this year to companies commercializing public technologies, including those in the special zones.
The two sides said they will help companies in the zones that hold strong public technologies and government R&D outcomes raise the funding they need at the commercialization and market entry stages, and will strengthen their cooperation framework so that technology development translates into market results.
"Building on our work in identifying public technologies, transferring them and supporting commercialization, we will continue to upgrade a full-cycle support system that extends to investment and financing, market entry and global growth," said Jung Hee-kwon, chairman of the Korea Innovation Foundation.