The Globalization of Local SMEs Begins
(Published October 31, 2012)
 
Gyeonggi Province hosts the Gyeonggi-UT Innovation Program’s Export Agreement Ceremony on October 31
 

◇“Gyeonggi-UT (University of Texas at Austin) Innovation Program Ceremony” held on October 31. ⓒ G-News Plus / Im Se-Jeen

Gyeonggi Province hosted the opening ceremony of the Gyeonggi-UT Business Export Support Program (Innovation Program) in the Grand Ballroom on the 3^rd floor of the Ramada Plaza Suwon Hotel at 10am, October 31.
 
Over 200 people participated in the ceremony, including Gyeonggi Province Governor Kim Moon-soo, members of the Economic Investment Committee, and participating businesses and partner businesses.
 
The Gyeonggi-UT Innovation Program has made great progress every year since 2008. The program not only features superb technologies, but also offers financial support to domestic small- and medium-sized enterprises experiencing difficulties advancing into the American market.
 
Today marked the 5^th anniversary of the Gyeonggi-UT Innovation Program, which utilizes the UT network to help evaluate the feasibility of commercializing domestic SMEs.  After undergoing an appraisal, the companies are introduced to business partners with whom they can launch forays into the American market.
 
The process is as follows: After placing advertisements calling for participation by supported industries, applications are received and the first round of the screening process narrows the number of applicants down to 50, with only 25 companies passing the interview process in the second round.  In addition, four training sessions on the commercialization of technology, the protection of intellectual property rights, and so forth are held within the country. After the sessions, fifteen companies are put on the final selection list based on the results of a technology exam.
 
Business development involves analyzing both American domestic technologies and marketability to idenitify buyers, and, through business trips to meet with local buyers, the companies enter the American market after the necessary negotiations.

◇Four domestic companies and four American companies conclude their agreements. ⓒ G-News Plus
 

◇Gyeonggi Province Governor Kim Moon-soo delivers a congratulatory address at the ceremony. ⓒ G-News Plus
 
The opening remarks of the concluding ceremony were given by GSBC President Hong Gi-hwa, while Governor Kim Moon-soo and Vice President Robert Peterson of UT each offered a congratulatory message.  Dr. Joel Momberger, director of the IC Square Labs GCG Program, gave a report on the proceedings, during which four domestic companies and four American companies concluded export-related agreements.
 
Governor Kim Moon-soo also awarded certificates to the fifteen companies that were short-listed out of a total of 218 applicants.

Two companies in particular, Wheel Corporation (2011) and AHA I&C Co. (2009), both of which have previously participated in the program and boosted national prestige, generously gave KRW 10 million each to support further development of the program. Both the companies and related persons from UT were presented with plaques of appreciation by Governor Kim.
 
The two representatives who received plaques on behalf of the companies, Yu Tae-sun for Wheel and Gu Gi-do for AHA, said, ‘Those chosen for the program are capable of breaking into the American market. Success will come to the extent to which people contribute funds for these ventures.’ They added, ‘We are happy to be your predecessors, and wish you the best of luck and success.’
 
Today Governor Kim said, ‘Thank you very much to those of you who have come so far to find these companies. Now, Korea, a small nation in the world, is finding that its technology and efforts are being recognized and that the world now expects great things from us.’ He also stated that ‘Gyeonggi Province, in particular, is successfully managing this partnership, in which the UT IC Square Program also plays a significant role.’
 
Governor Kim went on to say, ‘With the establishment of this program, domestic enterprises can confidently enter the global market and our products can be appreciated by consumers around the world. Now, when our business people reach out to the world, we can expect them to shine in their roles’.
 

◇The Accreditation Ceremony for the fifteen selected companies of the 5^th Annual Innovation Program. ⓒ G-News Plus
 
Launched in 2008, the Gyeonggi-UT Innovation Program selected eight companies (out of twelve) to develop support agreements, for which the initial development contracts were valued at about USD 21.51 million, with the amount of exports amounting to approximately USD 7.87 million.
 
During the 4th program, fifteen companies were chosen out of 224 applicants, and agreements were successfully concluded with fourteen of them.
 
At the ceremony, NC LED-US LED, Bautek-Hawkins Family Partners, Inc., Bio-Infra-Plantcor, Inc., KDC Systems-Indosoft, and Hanlab-Capitol Scientific were among the companies that entered into agreements.
 
The fifteen businesses selected at the 5th Annual Innovation Program Ceremony were MS SELTEK, DAEDONG ENG, Daehan Flexible & Spiral Duct, Dongyang P&C, Seoul Precision Machine, Semi Solution, Spina Systems, Elstek, Oticom, Imagis, Fun & Free, Fo & T, Flapot Korea, PLK Technologies, and Hana Engineering.
 
Meanwhile, until next June, Gyeonggi Province and the University of Texas will financially support the fifteen businesses’ efforts to secure footholds in the American market, with a total investment of KRW 1.75 billion.
 
From July 2008 to June 2009, after the first year’s enterprises forged ahead, the province selected 10-15 businesses to receive support for entry into the American market.  During the last four years, fifty-one small and medium-sized businesses participated in the Gyeonggi-UT Innovation Program, concluding export agreements worth approximately USD 86.09 million.
 
The ceremony was attended by eleven of the businesses that had participated in the program over the previous four years, and which together generated business worth an estimated USD 20.64 million.
 

◇ Wheel’s Tae-Sun Yu and Governor Kim Moon-soo and their entourage officially grant funding to two companies on the Innovation Program. ⓒ G-News Plus

ⓒG-News Plus News | Im Se-Jeen sejeenee@kg21.net
 
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