SMEs ministry launches task force to nurture new security startups

The SMEs ministry said Wednesday it has launched a cross-agency task force to cultivate innovative enterprises specializing in future security technologies. The first meeting of the Future New Security Innovative Enterprise Working Committee took place in Seoul on July 29, bringing together officials from ministries and affiliated institutions.

Modeled after the US Central Intelligence Agency's In-Q-Tel, the plan aims to fast-track companies holding advanced technologies in artificial intelligence and drones, nurturing domestic firms into global leaders comparable to Palantir. The initiative seeks to create a virtuous cycle where strengthened security capabilities drive industrial growth.

To accelerate this process, the government plans to shorten the initial deployment period for advanced weapon systems to within one year through a rapid procurement system. The Ministry of National Defense intends to expand its dedicated units for verifying advanced technologies, establishing innovation labs within each unit to provide real-world testing grounds for startup developments.

Participants discussed strategies for designating strategic sectors and identifying candidate enterprises. The agenda included establishing a technology roadmap, setting timelines for the Future New Security Innovative Enterprise Promotion Act, and revising the State Contract Act to facilitate rapid procurement. Officials also reviewed plans for defense open innovation events and investment briefings to connect startups with capital, alongside the proposed establishment of Korea Strategic Technology Partners, a specialized asset management firm.

The ministry intends to build a comprehensive support system covering the entire lifecycle of these ventures, from research and development to verification, public procurement and overseas market entry. The working committee will meet monthly to monitor progress.

Specific criteria for selecting strategic fields and details on the Korean-style In-Q-Tel establishment will be announced once finalized. Park Yong-soon, head of the SME Policy Bureau at the ministry, chaired the meeting.

"Cultivating new security innovative enterprises is a new growth engine that supports both national security and the creation of new industries," Park said. "We will work closely with relevant ministries to build a support system encompassing investment, R&D, commercialization and public procurement so that these innovative companies can lead the global market."