Presidential Office "Introduces Market Mechanism in Public Research Performance and Technology Transfer"

The government has decided to actively introduce market mechanisms to technology transfer and commercialization of R&D achievements in public sectors such as universities and government-funded research institutes.

Park Sang-wook, senior presidential secretary for science and technology, held a briefing today and suggested the direction of five reforms in the second half of the Yoon Suk Yeol government to upgrade the science and technology innovation ecosystem.Chief Park

said, "We plan to foster private specialized companies that can do business related to technical commercialization in the public sector without restrictions," and predicted that unicorn companies from the public research sector will emerge when the market is activated.

At the same time, he said he would help break down the walls of public research organizations to become the best in the world, and in particular, he said he would implement a project to support convergence research at university-affiliated research institutes from next year to eliminate barriers between university departments.

He added that through this project, each institute will provide 100 billion won in combined budget for 10 years to foster world-class university research institutes such as MIT Media Lab in the United States.