INNOBIZ plays vital role in helping tech-focused SMEs expand overseas

[Courtesy of INNOBIZ]

INNOBIZ, a non-profit organization to support small and medium-sized enterprises in South Korea, has been at the forefront of promoting technology convergence and facilitating SMEs’ expansion into emerging markets.

The organization was established in 2002 under the approval and legal framework of the Small and Medium Business Administration.

INNOBIZ’s license transfer promotion program helped Korean SMEs achieve significant milestones, including signing 657 MOUs, securing 52 contracts, and fostering business exchanges with 4,037 foreign companies since 2014. In 2023 to date, the organization engaged with 636 foreign companies, leading to 68 MOUs, and seven contracts. Via the exchange promotion program, Korean SMEs not only receive one-on-one online and offline consultations with overseas businesses but also benefit from capacity-building education on intellectual property (IP) protection strategies, enhancing their license transfer capabilities, for example.

A recent success story involves Medizen Humancare Co., Ltd., a local company specializing in providing tailored healthcare solutions based on personalized genetic analysis. Seeking to expand its services and do technology transfers to medical institutions in Vietnam and Turkey, Medizen Humancare found it difficult to identify suitable partners. But by participating in license transfer forums in Vietnam and Turkey facilitated by INNOBIZ’s tailored matching services, the company successfully met high-demand potential buyers and inked an MOU with a company in Vietnam.

INNOBIZ’s efforts in license transfer promotion resulted in a license transfer center between Korea and Iran opening in 2016, followed by centers between Korea and Vietnam in 2017 as well as Korea and China in 2020. It has signed technology exchange and cooperation agreements with 10 countries, including Vietnam, Indonesia, China, India, and Malaysia, to date.