The Ministry of SMEs and Startups (MSS) announced on the 7th that it will launch a new "productization all-in-one pack" program to help solve the problems that manufacturing startups face when creating products.
Manufacturing startups usually need to work with multiple companies for different stages like design, engineering, prototyping, and initial mass production. This can cause problems like miscommunication, delays, changes in specifications, and higher costs. These issues are seen as barriers that prevent startups from reaching full production.
To cater to this, the MSS is starting a program where one specialized institution will manage as well as support all stages of product creation for startups. By having a single organization handle the entire process, the goal is to reduce mistakes, extra work, and unnecessary costs, lowering the risk of failure for these startups.
The lead institution will either help startups directly with the productization process or connect them with the right partners, managing the entire process. Private companies that can support everything from design to prototypes and mass production can apply to become lead institutions. The MSS plans to choose about six institutions based on their capabilities, staff, partner networks, and previous experience.
Once the lead institutions are selected, the MSS will choose over 80 startups with innovations and provide up to 50 million won for productization costs per startup. Depending on their needs, startups can pick the specific stages they need help with, like design, engineering, prototyping, or mass production, and receive customized support.
Executive Statement
According to Cho Kyung-won, director-general for startup policy at the Ministry of SMEs and Startups (MSS), the biggest challenge manufacturing startups faced on the path to mass production was the process-disconnection issue that arose as each stage moved separately. Through the productization all-in-one pack program, they will complete a framework that links engineering through initial mass production, and they will actively support startups so they can overcome early product-making failures and complete their products stably.
