Samsung Electronics, in collaboration with the Ministry of SMEs and Startups, has established a fund of 30 billion won to develop new technologies in robotics, artificial intelligence (AI), and biotechnology. This is expected to provide opportunities to discover excellent small and medium-sized enterprises in materials, parts, and equipment (SMEs) in areas such as system semiconductors, AI, biohealth, and robotics, and to explore new possibilities.

On the 1st, Samsung Electronics signed an MOU with the Ministry of SMEs and Startups for a "joint investment type technology development project" at the Withwave building, a small and medium-sized enterprise located in Yongin, Gyeonggi-do.

Through the agreement, the Ministry of SMEs and Startups and Samsung Electronics plan to each contribute 15 billion won to create a total fund of 30 billion won to support the development of new future technologies, such as robots, AI, and bio, as well as the localization of materials, parts, and equipment for small and medium-sized enterprises over a five-year period from 2022 to 2026.

Through the establishment of this fund, it is expected that support will be provided for the discovery of SMEs possessing excellent technologies in materials, parts, and equipment, as well as next-generation product technologies in areas such as system semiconductors, AI, biohealth, and robotics.

Furthermore, it is expected that capable SMEs will be given the opportunity to grow through collaboration with large corporations, while large corporations will have the chance to explore new possibilities through open innovation.

Minister of SMEs and Startups Kwon Chil-seung, who attended the MOU signing ceremony, said, “I hope that capable SMEs will gain opportunities for growth through collaboration, and large corporations will explore new possibilities through open innovation, thereby leading to the widespread adoption of innovation cases based on a culture of mutual growth.”

Lee Yong-gu, CEO of Withwave, stated, “Samsung Electronics is not only providing financial support for technology development but also offering various information and dispatching in-house experts to provide consulting to enhance technological competitiveness,” adding, “With the support of Samsung Electronics and the Ministry of SMEs and Startups, we will definitely make this project a success.”

Samsung Electronics CEO Kim Hyun-suk emphasized, “In order to respond promptly to changes in the post-COVID-19 New Normal era, innovation must occur simultaneously across the entire supply chain, not just by a single company. Through this agreement, we aim to enhance the technological capabilities and self-reliance of SMEs and create a robust technology ecosystem where large corporations and SMEs can grow together by jointly responding to rapidly changing markets and industrial structures.”