2024.06.04. The Fair Economy — The Korea Internet & Security Agency (KISA) recently announced that, together with the Ministry of Science and ICT, it will begin accepting applications starting on the 3rd from companies that wish to register with BPPA's Venture Nara, in order to help outstanding venture companies and early-stage startups in the information security field enter the public procurement market.
Venture Nara (venture.g2b.go.kr), operated by the BPPA, is an online-exclusive product mall designed to promote the entry of venture and startup companies into the public procurement market and support their growth.
On April 2, the Ministry of Science and ICT and BPPA signed a memorandum of understanding titled "Agreement on Supporting the Growth of Innovative Procurement Companies," aimed at supporting information security SMEs' entry into the public market on a government-wide basis. Accordingly, KISA plans to review the eligibility of information security certified products submitted by companies seeking Venture Nara registration and recommend qualifying products to BPPA.
Eligible products are those of startups (established within the past seven years) or venture companies that fall under ▲IoT security certification, ▲physical security performance test certification (closed-circuit television (CCTV), biometric recognition, anti-spoofing biometric recognition), ▲information security product performance evaluation, or ▲information security quick-check products, provided their certification remains valid for at least six months and they have no disqualifying issues regarding product designation for Venture Nara registration by BPPA.
Additionally, the goods and services must be produced directly by the applying startup or venture firm, or manufactured in Korea through an original equipment manufacturing (OEM) arrangement with a domestic manufacturer. OEM production overseas is not eligible for designation application.
Products subject to Article 6 (Products Excluded from Application) of BPPA Notice No. 2023-43 may not apply.
Companies recommended by KISA must separately submit a "Venture Nara product designation application" directly through the Venture Nara website, according to the schedule announced by BPPA. Companies with an institutional recommendation can receive two extra points in the technology and quality evaluation conducted by BPPA, which is expected to make it considerably easier for them to enter the public market.
Upon designation as a venture startup product, companies are provided with a Venture Startup Innovation Procurement Product Designation Certificate and a certification mark. Benefits also include the production and distribution of Venture Nara promotional catalogs, online and offline promotion, and the provision of product videos.
Furthermore, benefits include operating a dedicated Venture Nara booth when the Narajangteo Expo (Korea Public Procurement Expo) is held, receiving one bonus point for credibility as a company with a track record on Venture Nara upon designation as an excellent procurement item, and obtaining a two-year unsecured performance guarantee insurance of 500 million won (about $360,000) from SGI Seoul Guarantee Insurance.
The first round of applications for recommended companies is open until 6 p.m. on the 14th, with plans to accept applications monthly in the future. The recruitment notice can be found in the announcements section of the KISA website (www.kisa.or.kr) or the Information Security Industry Promotion Portal (www.ksecurity.or.kr).
Kim Jeong-hui, head of KISA's Digital Safety Support Division, said, "Venture and startup companies in the information security field often struggle to enter the public procurement market in their early stages due to a lack of experience in the public sector, so active government support is needed. By expanding public-sector sales channels for information security products whose security and performance have been verified, we will spare no effort in helping information security venture and startup companies grow into excellent enterprises."
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