The Ministry of Science and ICT (MSIT) of Korea announced a significant budget increase for regional and commercialization-focused R&D in 2024, raising the total to KRW 487.93 billion, up KRW 229.342 billion (88.7%) from the previous year. This expanded budget aims to accelerate the market diffusion of public research outcomes and strengthen industry-academia-research collaboration. Notably, KRW 93.052 billion is allocated for public research commercialization and startup support, while KRW 56.925 billion is set aside for industry-academia cooperation. On July 23, the ministry unveiled new project calls to implement these initiatives.
The public research commercialization and startup support budget increased by KRW 39.857 billion (74.9%), and industry-academia cooperation support rose by KRW 36.705 billion (181.5%) compared to last year. New projects totaling KRW 88.855 billion include six programs such as Technology Management Promotion (TMC), dissemination of outstanding national R&D results, and public research demonstration pilot projects. These initiatives are announced through the MSIT, the Korea Technology Commercialization Promotion Agency, and the Integrated Research Support System (IRIS). Various project types will be selected, including IP Star Scientist, TLO Innovation, Company Builder, and Comprehensive Technology Commercialization Specialist.
The Company Builder and Comprehensive Specialist programs focus on fostering startups based on public research and supporting the entire technology commercialization cycle. The public research commercialization and startup support project will select new initiatives such as the Next-Generation Promising Seed Technology Fast Track, University Lab-Startup Joint Innovation R&D, and Deep Science Startup Activation. For the first time, the ministry will also implement the Outstanding National R&D Results Dissemination Support (6 projects) and Public Research Demonstration Pilot Project (about 34 projects). Detailed information is available on the MSIT website.
Choi Yoon-eok, Director of the Research Outcomes Innovation Policy Division at MSIT, emphasized the importance of supporting government R&D outcomes to create social and economic value. The increased budget and new projects are expected to play a vital role in securing Korea’s future growth engines. By promoting practical commercialization of public research and strengthening industry-academia cooperation, the government aims to foster an innovative ecosystem. These policies are likely to enhance the technology commercialization capabilities of researchers, companies, and startups.
The MSIT’s substantial budget increase and new project launches are poised to accelerate the commercialization of public research and foster meaningful industry-academia collaboration. Tailored support programs for various stakeholders can help overcome bottlenecks in technology transfer and maximize synergy between researchers and businesses. These efforts are crucial for Korea to maintain a competitive edge in global technology markets and secure sustainable, innovation-driven growth.