Create a technology development fund centered on large, medium, and small businesses and public institutions.
Published2017.07.25 10:51The Small and Medium Business Administration (SMBA) (Administrator Joo Young-seop) signed an agreement on the 25th to establish a 'Public-Private Joint Investment Technology Development Cooperation Fund' worth a total of 5.6 billion won with Hanwha Techwin Co., Ltd., Hyundai Home Shopping Co., Ltd., and the Small and Medium Business Agricultural and Fishery Cooperation Foundation.
The Public-Private Joint Investment Technology Development Cooperation Fund was created as a form of investment resource for the joint growth of large and small businesses. Investment companies, such as large corporations and public institutions, contribute to large and small businesses and the Agricultural and Fisheries Cooperation Foundation to enhance the competitiveness of their partners through technological development, productivity improvement, and human resource development.
This fund is operated under the condition that the Small and Medium Business Administration and investment companies create a fund through a 1:1 matching, jointly invest in technology development of small and medium-sized enterprises, and then the investment companies purchase the successfully developed products.
This agreement is particularly significant as it marks the first time in three years since December 2014 that a large corporation has participated in fundraising. First, Hanwha Techwin plans to discover and support nine collaborative projects over the next two years to enhance the technological competitiveness of small and medium-sized enterprises in the domestic production of aircraft engine parts and the robotics and drone business sectors through the KRW 5 billion cooperative fund established through this agreement.
Meanwhile, Hyundai Home Shopping supported technology development for 13 small and medium-sized enterprises by raising a fund totaling 1.8 billion won in September 2013, and through this second agreement, it plans to raise an additional fund totaling 600 million won to help small and medium-sized enterprises expand their sales channels by utilizing the sales channels of major distribution companies.
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