MSMEs Ministry Discusses Practical Council for Fostering Future New Security Innovation Companies

2nd Meeting Held for Fostering New Security Innovation Companies
Discussion on Candidate Discovery System and Data Accessibility

The Ministry of SMEs and Startups is discussing ways to discover innovative companies in the new security sector and expand opportunities for technology demonstration in cooperation with relevant ministries.

Park Yongsun, Director of the Small and Medium Business Policy Office at the Ministry of SMEs and Startups, is explaining plans to foster new security innovation companies at the 2nd Working-Level Meeting for Fostering New Security Innovation Companies held in Seoul on the 3rd. Ministry of SMEs and Startups

The Ministry of SMEs and Startups announced that, on September 3rd, it will hold the 2nd meeting of the "Practical Council for Fostering New Security Innovation Companies" together with relevant ministries in Seoul.

This meeting is intended to follow up on the last session by outlining specific tasks for the new security innovation company development strategy and reviewing the progress and collaboration projects of each relevant ministry.

The meeting will be presided over by Park Yongsun, Director of the Small Business Policy Bureau at the Ministry of SMEs and Startups, and will be attended by officials from the Department of New Industry Technology Startups and Venture Investment at the ministry, as well as participants from the Ministry of Economy and Finance, the Ministry of National Defense, the Defense Acquisition Program Administration, and the Korea Aerospace Administration, among other relevant agencies.

At the council, there will be focused discussions on how to identify SMEs and venture companies with growth potential in the new security sector as new security innovation companies, and on enabling these companies to utilize actual data from defense and security sectors and to conduct technology demonstrations.

As a plan to form the "New Security Innovation Company Pool," the council is considering organizing a pool centered on companies selected for the Ministry of SMEs and Startups' "Challenge for All in Defense," defense innovation companies chosen by the Defense Acquisition Program Administration, companies certified for public technologies and products in each field, and companies participating in government projects related to security and defense.

Another key agenda item is providing real defense data and operating testbeds, so that innovation companies can use actual data from defense sites and verify their technologies.

The council will also discuss offering companies access to core military data through initiatives such as the Ministry of National Defense’s Military-Industry-Academia Collaboration Center and the Defense Data Safe Zone, as well as continuously expanding the scope of data available to the public sector.

They will also review support measures for verification using military testing grounds through demonstration projects of the Defense Acquisition Program Administration, aiming to increase actual military utility.

Discussions on legislative amendments are also underway. At the "Future New Security Innovation Company Fostering Strategic Meeting" hosted by the Office of the President in June, it was decided to (1) amend the National Contract Act; (2) enact the Defense Advanced Power Project Act; and (3) enact a special law to foster new security innovation companies. The special law on new security will include a promotion system for fostering innovation companies, provisions for the designation and cancellation of innovation companies, and support and special exemptions for designated companies, among other details.

Based on the discussions from this 2nd Practical Council meeting, the Ministry of SMEs and Startups plans to work with relevant ministries to further develop a comprehensive support system covering the full cycle for new security innovation companies—from discovery and investment to R&D, demonstration, procurement, and entering markets.

Park Yongsun, Director of the Small Business Policy Bureau at the Ministry of SMEs and Startups, said, "To secure future competitiveness in the new security sector, it is crucial to promptly discover innovative technologies possessed by the private sector and connect them so they can be applied at actual defense and security sites." He added, "By cooperating with related ministries, we will create an ecosystem where innovative SMEs and venture companies can overcome barriers in investment, R&D, demonstration, and procurement, and grow into core companies leading the future of the new security sector."

This content was produced with the assistance of AI translation services.