KISTEP established a forum to discuss the role of the government in supporting the establishment of the private-led innovation ecosystem, sustainable growth, and scale-up of startups.

KISTEP held the 150th KISTEP Wednesday Forum on September 14 under the theme of "Private-led Technology Commercialization and Scale-Up Investment Strategy."

Byung-Seon Jeong (President of KISTEP) emphasized the need for sustainable innovation and growth in Korea, which has established itself as the world's 10th largest unicorn company. "We look forward to insightful discussion on how to activate the role of the private sector in scale-up for innovation-based growth," he said.

△Byung-Seon Jeong, President of KISTEP

In the presentation, Seong-Hyun Kong (Executive Secretary of the Korea Accelerator Association) said, "Korea is taking the lead in the global market as a country that has grown by the venture industry. However, the growth rate and survival rate are low compared to other countries due to the small size of the domestic market and the limitations of the startup culture. Thus, it is the time to grow based on new innovative startups.”

△Seong-Hyun Kong, Executive Secretary of KAA

Kong pointed out, "The crisis in the investment ecosystem is neglected in the technology commercialization of R&D innovation in Korea," and introduced the role and necessity of accelerators (startup planners) who function as investors and entities with discovery, investment, development, and publicity.

Next, he suggested ▲a planned startup-type accelerating program and ▲an open innovation-type accelerating program as a new technology commercialization plan. Finally, he emphasized the need for investment entities to intervene at every stage of technology commercialization.

Dr. Seung-su Jun (Director General of the Office of National R&D Coordination of KISTEP) led the panel discussion with the participation of Seungjun Lee (Representative Patent Attorney of Intellectual Property Young Bee), Prof. Heetae Kim (Intellectual Property & Tech-Transfer Center at KAIST), and Dr. Chi Ho Choi (President of the Korea Association of Research Institute Technology Transfer). 

△Seungjun LEE, Representative Patent Attorney of Young BEE

Attorney Seungjun Lee pointed out that there is a gap between research outcomes of public research institutes and the technology desired by private companies. He suggested that the government should improve the technology valuation process and adjust the demand between companies and research institutes.

△Prof. Heetae Kim, Intellectual Property & Tech-Transfer Center at KAIST

Prof. Heetae Kim overviewed various success factors for global technology commercialization, emphasizing the importance of share in global market and 'deep tech'. He argued that the industry-university cooperation foundation should strengthen its expertise. He also noted the need for market-oriented technology commercialization and a partnering program to minimize the gap between technology consumers and suppliers.

△Dr. Chi Ho Choi, President of KARIT

Dr. Chi Ho Choi (President of the Korea Association of Research Institute Technology Transfer) emphasized the need to prepare empirical policies to attract companies to overcome the structural limitations of technology commercialization. In addition, he suggested differential taxation benefits, innovative R&D planning and investment, and the importance of accelerators.