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  • Writer's pictureDeepak Anniyappa

FITT-IIT Delhi, Korea SMEs & Startups Agency KOSME to push innovation, startup ecosystems jointly

Cheolwon (Charlie) Lee, CEO and Founder of Balancehero India, is a successful #Koreanentrepreneur

NEW DELHI: Foundation for Innovation and Technology Transfer (FITT), IIT Delhi, and KOSME 중소벤처기업진흥공단 (Korea SMEs Startups Agency) signed have joined hands to strengthen innovation and startup ecosystems in both nations through collaborative programs and initiatives. A memorandum of understanding to this effect was signed between the two sides recently by Hakdo Kim, President, Korea SMEs and Startups Agency, Seoul, and Anil Wali, MD, FITT at IIT premises in New Delhi.

On this occasion, Charlie Lee, CEO, of True Balance – a successful Korean startup in India, and Harshit Dwivedi, Founder and CEO, After Shoot – a successful Indian startup made their respective presentations.

As per the MoU conditions both sides would make joint efforts to develop and promote industrial and technology cooperation between FITT and KOSME, also between the SMEs of both countries, support and promote the commercialization of the fields of science and technology between the Startups & SMEs of both countries, exchange technology experts and delegates to promote industrial and technology cooperation between Parties, and promote the organization of joint seminars, conferences and meetings in areas of mutual interests.

The MoU conditions also provision that FITT-IITD and KOSME would also share information on technologies, organizations and human resources of each party upon request of either party, share industrial knowledge including management and manufacturing techniques to increase competitiveness for the SMEs and Startups of both countries, assist in any other areas of co-operation on Startups & SMEs programme to be mutually agreed upon, and also assist each other in in coordinating Startup & SMEs focused delegation visits from both sides.

Those present on the occasion included Rangan Banerjee, Director, IIT Delhi; Seokchan Park, Director, KOSME, New Delhi; Col. Naveen Gopal, COO, FITT, Amit Kumar Invest India – Korea Plus Embassy of India Seoul Ministry of External Affairs, India Invest India Startup India Aastha Grover

In his address, Hakdo Kim, President of the Korea SMEs and Startups Agency, said that India was attracting the world’s attention with an average annual economic growth rate of 7% and the world’s 3rd largest GDP potential.

“Many small and medium-sized venture companies and startups in Korea are eager to enter India as it has a huge consumption market of 1.4 billion and excellent human resources. Established in 1979, the KOSME is a comprehensive support organisation for Korean SMEs & startups, with about 1,500 employees, 27 overseas branches in 17 countries, 33 regional headquarters, 17 Youth Startup Academies and 6 training centres,” he added.

The Korea SMEs & Startups Agency (KOSME) is a non-profit, government-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs. To achieve its purpose, KOSME operates financial and non-financial programs for SMEs. Through financial programs, KOSME provides financing for SMEs to expand operations, develop new products and convert their business structures. With advisory programs including consulting, training, marketing and global cooperation programs, KOSME supports SMEs to enhance their global competitiveness.

About FIIT-IIT Delhi

Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi has been the vanguard of knowledge transfer activities from academia since its inception in 1992. This techno-commercial organization from academia is counted amongst the successful such organizations.

It provides superior program management services and is steadily increasing its operational landscape. The varied roles of FITT can be seen in enabling innovations and technopreneurs, business partnerships, technology development, consultancy, collaborative R&D, technology commercialization, development programs, corporate memberships etc. These roles are necessitated by the key agenda of the Foundation to showcase the Institute’s “intellectual ware” to industry, and thereby unlock it’s knowledgebase and inculcate industrial relevance in teaching and research at IIT Delhi.

DSIR has recognized FITT as a Scientific and Industrial Research Organization (SIRO). As a SIRO, FITT is eligible for full custom duty exemption for import of capital goods, raw materials and technology know-how that are required for execution of R&D programmes sponsored by the industry.


ACN Correspondent, Mar 2, 2023, FITT-IIT Delhi, Korea SMEs & Startups Agency KOSME to push innovation, startup ecosystems jointly