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A Korean defense equipment SME is expected to become the first local beneficiary of the U.S. federal government's Small Business Innovation Research (SBIR) program.
Under the SBIR program, established in 1983, the U.S. government allocates specific funds from its R&D budget to support small businesses by phase - Phase I (Verification of Technology Commercialization), Phase II (R&D) and Phase III (Public Purchase, Investment Linkage).
SMBA revealed on May 2 that Korean defense equipment firm Victek Corporation was recently selected for SBIR Phase I through VU Tech Corp., its local corporation in the United States.
To push globalization of domestic venture companies, SMBA is encouraging their participation in the SBIR program, including support for matchmaking between leading export enterprises and start-up venture companies, overseas business consultation sessions and exploration of B2C sales channels.
Those enterprises selected for the SBIR program can secure funds required for technology development and commercialization as well as opportunities to participate in the U.S. federal government's procurement market, They can also obtain auxiliary benefits like enhancement of external trust, improved global image, etc.
VU Tech Corp., a manufacturer of defense facilities, submitted a task, namely, "Bio-inspired Autonomic Airbone Infrastructure,' to the U.S. Department of Defense (DOD) in September 2010 and was selected for Phase I of the SBIR program in April this year.
SMBA appraised that when considering the SBIR competition ratio of greater than 10:1 on average, the Korean venture company achieved recognition for its excellent technological prowess from an advanced market.
