Move aims to accelerate commercialization of public technology and government R&D outcomes

Jung Hee-kwon, chairman of the Korea Research and Development Special Zone Foundation (left), and Kwon Hyung-taek, chairman of the Korea Technology Finance Corporation, pose for a photo. [Korea Research and Development Special Zone Foundation]
Jung Hee-kwon, chairman of the Korea Research and Development Special Zone Foundation (left), and Kwon Hyung-taek, chairman of the Korea Technology Finance Corporation, pose for a photo. [Korea Research and Development Special Zone Foundation]

Companies in research and development special zones that hold promising technologies but struggle to commercialize them due to a lack of funding are set to receive stronger financial support. The move is designed to help translate public research institutions' technologies and government R&D outcomes into actual product development and market entry through expanded technology finance linkages.

The Korea Research and Development Special Zone Foundation signed an MOU with the Korea Technology Finance Corporation (Kibo) on Tuesday at Kibo's headquarters in Busan to promote the commercialization of companies based on public technology.

The agreement is intended to accelerate the commercialization and market entry of promising technology companies by combining the special zone foundation's public technology commercialization support capabilities with Kibo's technology assessment and financial support system.

The two organizations agreed to jointly identify promising technology companies within the R&D special zones and strengthen financial support and follow-on commercialization assistance tailored to each company's stage of growth.

The scope of companies eligible for financial support linkages will expand beyond existing research institute-affiliated companies and advanced technology firms to include companies that have carried out R&D projects under the special zone development program within the past five years.

The special zone foundation will identify promising companies in need of technology finance support and refer them to Kibo, which will then review customized support and preferential treatment for those referrals — including technology guarantees, technology assessments, and technology transfer and protection services.

The foundation also plans to review follow-on technology commercialization support based on Kibo's financial support track record.

At the heart of the agreement is linking special zone companies with Kibo's R&D commercialization guarantee program — a dedicated guarantee product for companies seeking to commercialize government R&D outcomes or technologies transferred from public research institutions.

Kibo plans to extend a total of 340 billion won ($254 million) in R&D commercialization guarantees this year targeting companies commercializing public technologies, including those in special zones.

The initiative is expected to help special zone companies more smoothly secure the funding they need at each stage of growth — from prototype development and product commercialization to market entry — following the completion of their R&D work.

The two organizations said they will strengthen a cooperative framework spanning technology identification, transfer, commercialization, financial support and market entry to increase the industrial application of public R&D outcomes.

"We will continuously upgrade a full-cycle support system that connects public technology identification, technology transfer and commercialization support with investment, financing, market entry and global growth," said Jung Hee-kwon, chairman of the special zone foundation. "We will actively back the outstanding deep tech companies in the special zones so they can emerge as competitive players in the market."


nbgkoo@heraldcorp.com