Seoul SMBA, the New Matchmaker for Korean Cutting Edge Technology and Global Venture Capital
Seoul SMBA, the New Matchmaker for Korean Cutting Edge Technology and Global Venture Capital
  • Yeon Choul-woong
  • 승인 2010.03.04 12:21
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Dr. Beck Du-ock, Administrator of Seoul SMBA

Dr. Beck Du-ock, Administrator of Seoul SMBA, said in an interview with Korea IT Times: "It is essential that you do things for others to bring opportunities for small and medium- size competitive enterprises (SMEs) that make them go out and do their businesses in world markets with cutting edge products and innovative technology. In order to do this, Seoul Small & Medium Business Administration (SMBA) is becoming to be the matchmaker between global investment institutions including domestic venture capital companies and domestic SMEs."

"Unfortunately, most domestic venture capital companies are more conservative than their overseas counterparts and do not want to open their minds easily for domestic SMEs. That is why we tried to find investors from overseas market. We are sure about the fact that global venture capital companies will invest their funds proactively to the Korean SMEs because they already knew that plenty of Korean cutting-edge products go with huge oppotunities in profit earnings. As a result, we are now doing our best as a matchmaker to find suitable global venture capital companies in order to bring a win-win situation," Beck said.

Seoul SMBA is actively pushing ahead with a project to build a convergence tech development cluster. Fostering promising venture companies and creating more jobs are the most important reasons to activate the project.

The following is the interview with Beck Du-ock, administrator of Seoul SMBA.

Q: Would you comment on the project to build convergence technology development cluster and the anticipating effects

A: We actually support Seoul-based SMEs to help them develop new technologies and commercialize them through the project like convergence technology development cluster forum. 150 members in the forum are developing new technologies by compounding their core technologies. On top of that, we set up a new model called open innovation for convergence technologies and expanding its territories by encouraging collaborations between government and SMEs to achieve market dominance in the global technology competition.

Under the KRW185 million project that was mapped out in October 2009, we are now carrying out the plan under the management of Seoul City Industry, Academy and Research Cooperation Forum. For effective implementation of the project, we built a system consisting of four supporting divisions: academy & research, Seoul industrial cluster, investment consulting, and information construction and offering.

Through the project to build convergence technology development cluster, we expect that investment will increase sharply through brisk information exchanges on new technology and marketing know-how and synergy effects of creating jobs will be maximized.

Q: Would you introduce the Seoul SMBA's plan to foster venture companies

A: We plan to mobilize a total of KRW 3.5 trillion by 2012 through fund-of-funds and pure private funds to actively foster IT industries, green & new growth technologies and parts & material industries. Along with this, banks and insurance companies will be allowed to invest over 15 percent in venture funds through revision of regulations on supervision of banks and insurance law. Local governments and private universities will be also permitted to make investment in venture funds.

More importantly, we will encourage domestic venture capital companies to invest their funds to top-class products manufactured by Seoul SMEs as overseas investment institutions will be focusing on finding top-class products in Korea. We expect that domestic venture capital companies and overseas investment institutions will be allowed to create types of a joint fund in the end.

Q: Would you make comments on the administration's strategy to publicize excellent products manufactured by Seoul-based small and medium-sized exporters and promote their brand image

A: First, we are actively fostering 150 trade-specialized persons under the project to foster person power to explore overseas markets. We will select workers who are well versed in foreign languages and dispatch them to overseas markets after educating them on all sorts of trade-related matters.

We will also support dispatch of overseas trade investment missions and arrange 1:1 meetings between foreign buyers and Korea's small and medium-sized exporters. Through projects to foster global brand and support manufacture of home pages written in English, we will exert our best efforts to help SMEs to strengthen their global competitiveness.

Meanwhile, Seoul Export Supporting Center is offering various tailor-made supporting services to Seoul-based small and medium-sized exporters after considering their needs.

Q: Would you explain about the trend of SMEs in Seoul

A: Encouraged by the government's policy to activate business start-ups, the number of newly established companies came to 56,830 in 2009, up 11.7 percent from 50,855 in 2008. It is the highest figure since 2003 when 52,739 firms were established. As of now, the number of newly established companies in Seoul reached 20,401 in 2009, accounting for 35.9 percent of the total in the country. Affected by the U.S.-sparked financial crisis, the number of Seoul-based companies had dropped since August 2008. However, the figure has showed a steady rise since March 2009.

In 2009, exports by Seoul-based companies amounted to US$19.6 billion, taking 18.6 percent of the total exports made by SMEs in the country. The unemployment rate has slipped to 4.1 percent in December 2009, and the number of the unemployed reached 208,000 with that of the employed standing at 48.77 million.

Q: What do you do for global business of Seoul-based small and medium-sized companies

A: We are actively pushing for a variety of projects to help Seoul-based companies increase exports through the Seoul Export Supporting Center. In recognition of its great contribution to promoting exports, the Seoul Export Supporting Center was selected as the best export supporting institution on Nov. 30, 2009, the 46 Annual Trade Day, and received an award from the President.

In 2009, Seoul SMBA selected 1,287 Seoul-based small and medium-sized exporters and extended various supports, including education on exploration of overseas markets, offering of information on foreign markets, and export marketing.


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