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This is LUMOS, your automation solution for government R&D and business funding!
Today, we will provide a brief overview of voucher support programs, focusing specifically on the Data Voucher Support Program.
We previously discussed various grants available for commercialization. In addition to general commercialization funding, the government offers targeted voucher programs. These programs match supply and demand companies based on each enterprise's specific needs. Among these, the Data Voucher Support Program is driven by the rise of AI, which has heightened the importance of data and increased its transaction volume. The government aims to foster growth by matching these companies and providing financial support.
The diagram below provides a clear overview of the purpose and workflow of the data voucher program.
You are likely curious about the scale and details of this support. Let’s take a closer look.
Funding Scale and Details
Eligible Entities: Early-stage mid-sized enterprises, small and medium-sized enterprises (SMEs), micro-enterprises, youth-led startups, and preliminary entrepreneurs.
Project Budget: A total of 89.4 billion KRW, supporting 2,010 vouchers.
Support Categories: 760 purchases (up to 10 million KRW), 250 general processing cases (up to 40 million KRW), and 1,000 AI processing cases (up to 60 million KRW).
Project Duration: 6 months (as of 2023).
Application Portals: https://kdata.or.kr/datavoucher/index.do, https://kdata.or.kr/pms/index.do
Supply and Demand Corporations
In 2023, 1,060 companies were designated as supply companies across various sectors, including finance, retail, healthcare, preprocessing, environment, and AI. By utilizing these data vouchers, demand companies can significantly reduce their financial burden.
However, when demand companies utilize data vouchers, they must complete extensive documentation, similar to general government grant administration. This administrative burden can make the process challenging to manage independently.
To manage your vouchers more efficiently, we highly recommend utilizing LUMOS.
We have briefly introduced the scale and scope of this support program. Simply put, when purchasing data from approved supply companies, demand companies receive funding to cover purchase and processing costs. For AI and ICT companies where data is critical, this initiative serves as an invaluable opportunity to accelerate product development while substantially reducing operational costs.
Today, we explored the Data Voucher program among various voucher-based support initiatives. There is a wider range of voucher programs available than most realize. In our next post, we will cover the Non-Face-to-Face Voucher Support Program.
