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Agencies

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The Ministry of SMEs and Startups of the Republic of Korea is a government agency responsible for promoting the growth and development of small and medium-sized enterprises (SMEs) and startups in South Korea. The ministry was established in 2017 as a merger of two previous government agencies, the Small and Medium Business Administration and the Korea Institute of Startups and Entrepreneurship Development.
 

The ministry's main objective is to create a favorable environment for SMEs and startups to thrive and contribute to the country's economy. It provides various support programs, including funding, mentoring, and regulatory assistance, to help SMEs and startups overcome various challenges they face in the initial stages of their businesses. The ministry also develops and implements policies to foster innovation and entrepreneurship in the country.

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The Korea SMEs & Startups Agency (KOSME) is a non-profit, government-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs.

To achieve its purpose, KOSME operates financial and non-financial programs for SMEs. Through financial programs, KOSME provides financing for SMEs to expand operations, develop new products and convert their business structures. With advisory programs including consulting, training, marketing and global cooperation programs, KOSME supports SMEs to enhance their global competitiveness.

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TIPA (Korea Technology and Information Promotion Agency for SMEs)

Established on January 22, 2002, the Korea Technology and information Promotion Agency for SMEs is a specialized institution that works to increase the competitiveness of SMEs by helping them achieve technological innovation and efficient management and informatization.

* Based on Article 20 of the Act on the Promotion of Technology Innovation of Small and Medium Enterprises (Korea Technology and Information Promotion Agency for SMEs)

Major functions

  • Establishment of a base for the technological innovation of SMEs

  • Research on technological innovation policies and development of a related long-term plan

  • Assessment of demand for technological innovation projects and carrying out of related research and analysis

  • Dissemination and evaluation of information technology to promote informatization

  • Laying the groundwork for the informatization of SMEs and evaluation of their informatization levels

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INNOBIZ (Innovation Business Association) is a government agency in South Korea that supports and promotes the growth of small and medium-sized enterprises (SMEs) in the country. It was established in 2014 under the Ministry of SMEs and Startups of the Republic of Korea.

 

INNOBIZ aims to foster a dynamic entrepreneurial ecosystem and create a sustainable growth environment for innovative startups and SMEs by providing various support programs, including funding, mentoring, and networking opportunities. The agency also plays a key role in implementing the government's policies for SMEs and startups, particularly in the areas of innovation and technology development.

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