Government Expands Support for Lab-Based Startups… Full-Scale Fostering of 'Deep Tech' Companies Begins
The South Korean government recently announced that it will begin full-scale support for 'deep tech' (advanced technology) startups that utilize core technologies developed in university and research institute laboratories. This measure is intended to help innovative technologies born in labs successfully translate into viable businesses in the actual market.
The government plans to focus on increasing the commercialization potential of research and development (R&D) from the early stages. While research has historically been centered on technological development, the government will now provide systematic support to ensure that technologies can grow into businesses by reflecting market demand.
This policy aims to create an environment where researchers can directly take on the challenge of starting a business. To reduce the difficulties researchers face during the startup process, the government plans to operate various programs, including not only financial support but also management consulting and connections to experts.
To date, approximately 3,850 lab-based startups have been established in Korea. Through this support initiative, the government expects that more lab-based startups will be able to grow into deep tech companies with global competitiveness.
Attention is focused on how this government policy will transform the technology-driven startup ecosystem. All eyes are on whether the innovative technologies from these labs can become a new growth engine for our economy.