An open assessment system that can distinguish and assess social venture companies online is set to be prepared. An online system that can check a company’s rating according to preferential purchase system of startup company’s products is also expected to be launched by the end of this year.
Besides these systems, small businesses support systems are starting to expand towards online and non-face-to-face method with the current COVID-19 situation as a starting point.
According to the industry, Ministry of SMEs and Startups (MSS) and its affiliated organizations have recently started to introduce non-face-to-face digital windows to various administrative procedures. Various systems that were introduced in order to provide support more conveniently are starting to gain momentum as the current COVID-19 situation does not seem to settle down any time soon.
Korea Institute of Start-up and Entrepreneurship Development (KISED) is going to establish an online startup confirmation system by the end of this year for preferential purchase system of startup company’s products that will be implemented starting from January of 2021. KISED is also going to conduct legal verifications of companies through non-face-to-face methods and it is looking into improving its system in order to issue certifications automatically.
Korea SMEs and Startups Agency (KOSMES) is working on improving its ISP (Information Strategy Planning) for digitization of loan documents and establishment of a digital window system. Its goal is to solve issues such as lack of space due to an increased storage amount of loan documents resulting from increased loan sizes and to improve efficiency in management.
Korea Technology Finance Corporation (KIBO) is working on establishing a platform for electronic documents. It is going to introduce chatbot to its platform in order to have contracts signed interactively. It is expecting to simplify tasks through RPA (Robotic Process Automation). It has decided to increase number of electronic contracts through non-face-to-face channels and digital windows and gradually decrease number of contracts that require face-to-face contact.
KIBO also launched an open assessment system called “Social Venture Square” so that any private and public supporting organizations can freely use MSS’ social venture assessment model. Social venture companies can use the assessment model and automatically assess its designation. When a request for distinction after an assessment comes in, KIBO can check the request information regardless of the manner of a request and receive and process the request.
“Our plans that were established to innovate our administration are gaining momentum and are becoming materialized with the current COVID-19 situation as the starting point.” said a representative for KIBO. “We are taking these measures in order to be flexible with application of new technologies and requests for new businesses.”
Such change is expected to gain momentum with small business supporting organizations at the center as it can simplify tasks and help small businesses to process their tasks more conveniently. Korea Technology & Information Promotion Agency for SMEs that oversees R&D for small businesses and Korea Venture Investment Corporation that makes venture investments converted their face-to-face assessments to online assessments since last month. Every face-to-face assessment on startup support project that has been carried out since the beginning of this month has been taking place online.
“Although there were requests for conversion to non-face-to-face means due to characteristics of administrative tasks, it is true that it has not been an easy task.” said a representative for MSS. “We are going to strengthen face-to-face administration for those that do not have online access and non-face-to-face administration at the same time.”
Staff Reporter Ryu, Geunil | ryuryu@etnews.com