‘VENTURE NARA’ cyber shopping mall for start up and venture company

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This case was submitted as part of the Call for Innovations, an annual partnership initiative between OPSI and the UAE Mohammed Bin Rashid Center for Government Innovation (MBRCGI)

For ventures and start-ups to overcome Valley of Death (failure to survive within the first 3-7 years from start) and to explore sales channels in the early stage, the Korean Public Procurement Service designed VENTURE NARA. VENTURE NARA is a "stepping stone" where ventures and start-ups can promote and sell their products in the early stage, and prepare for jumping into the broader markets. As a prior stage to the Online Shopping Mall, VENTURE NARA is put in place where any ventures and start-ups can promote in early stage.

Innovation Summary

Innovation Overview

VENTURE NARA, dedicated to start-ups and ventures, was established in October, 2018 with an aim of exploring the public procurement market and laying foundation for growth.

Start-ups and ventures have an innate difficulty in registering with Korea On-line E-Procurement System (KONEPS), falling short of required conditions for contracts (i.e. framework contract (K-MAS), designation for the Government Supply Products). Start-ups and ventures with excellent technologies are unlikely to have their manufacturing facilities or records for sales. Tender officials from public organizations have no way of purchasing products unregistered with the KONEPS Online Shopping Mall. Under the circumstance, ventures and start-ups take advantage of VENTURE NARA as a platform where they can promote to and trade their products with public organizations.

VENTURE NARA, an online shopping platform for Ventures and Start-ups
Recruitment is proceeded on a quarterly basis in cooperation with 18 advisory entities (as of Aug. 2018) being comprised of the central government bodies (i.e. Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, Korea Intellectual Property Office) and public organizations (i.e. Center for Creative Economy and Innovation, Korea Technology Finance Corporation, Korea Institute for Advancement of Technology, Innopolis Foundation, Korea Institute of Energy Technology Evaluation and Planning) and metropolitan local governments (i.e. Deajeon Metropolitan City, Ulsan Metropolitan City, Chungcheongbuk Province, Gyeonggi Province, Daegu Metropolitan City, Gwangju Metropolitan City, Jeollabuk Province, Busan Metropolitan City, Seoul Metropolitan City, Gyeongsangnam Province). Excellent technology and high quality products from ventures and start-ups are promoted and registered with VENTURE NARA.

As exclusive to Ventures and Start-ups, VENTURE NARA is used to promote and trade products in the public sector.
Thanks to VENTURE NARA, ventures and start-ups, whom used to have no way of approaching the public procurement market, are now able to register and promote their excellent technology-based products. Purchase officials from public end-users can proceed with direct contracts using the convenient ordering system of VENTURE NARA. VENTURE NARA products are promoted and the export is supported through setting up the VENTURE NARA booth, and consultations with foreign buyers regarding purchase, at the Korea Public Procurement Expo (KOPPEX). Apart from it, VENTURE NARA itself is introduced to public based on various channels such as SNS product review, and other exhibitions.

Modification and improvement to the corresponding rules and regulations are planned related to VENTURE NARA so that more ventures and start-ups make inroads into the public procurement market.
In the past, the start-ups and ventures recommended by the 18 advisory entities are exclusively entitled for enrollment on VENTURE NARA through the quarterly recruitment announcement, causing a difficulty. However, improvement has been made for ventures and start-ups to directly apply for enrollment without recommendation from the 18 entities. The evaluation for new technology products with a short life cycle has been more frequent (once per month). Plus, training and education opportunities on PPS policies and registration on behalf of those of ventures and start-ups with difficulties is expected to be expanded from 4 to 6 times per year. The venture and start-up dedicated team will be formed to provide an one-stop supporting service covering from enrollment to contracts.

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Year: 2018
Level of government: National/Federal government


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