Sejong, August 4, 2023 - On July 28, the Ministry of SMEs and Startups (Minister LEE Young) announced that Algocare and Lotte Healthcare collectively contributed KRW 300 million towards promoting co-prosperity and mutual growth in the joint names.
 
The contribution ceremony for the Mutually Beneficial Cooperation Fund was held at the Korea Commission for Corporate Partnership (Director OH Yeong-gyo). Attendees included CEOs from both companies, National Assembly Member HAN Moo-gyeong from the People's Power Party, who facilitated the agreement for mutual growth, and Secretary-General KIM Yeong-hwan of the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs, who oversees the fund's operation.
 
Algocare and Lotte Healthcare have been embroiled in technology plagiarism controversies related to the "Personalized Nutrition Management Dispenser" since the beginning of 2023. However, during the meeting of the Democratic Party's Committee on SMEs Technological Theft Eradication Measures on June 7, they agreed to contribute to a Mutually Beneficial Cooperation Fund jointly1. The aim was to foster mutual growth and collaboration between large enterprises and startups.
 
On July 21, both companies accepted a mediation proposal on a technology dispute presented by the Ministry of SMEs and Startups. This marks the conclusion of the six-month-long controversy surrounding technology plagiarism.
 
It marks the first case of large enterprises and SMEs jointly contributing to the mutually beneficial cooperation fund since the establishment of the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs in 2011.
The funds contributed will be used for multiple purposes, including technology development, market expansion, and productivity improvement. The aim is to enhance the competitiveness of numerous SMEs, collaborating on smart factories and jointly investing in R&D.
 
Minister LEE Young expressed, "I am optimistic that the collaborative efforts between large enterprises and small and medium-sized enterprises will persist, with the financial contributions made by both parties today. MSS will try its best that the funds will be properly executed.“
 
 
 
 
 
1 A fund that domestic corporations contributed to the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs to lay the foundation for sustainable growth of small and medium enterprises, mutually beneficial cooperation, and their shared growth, based on Article 20 Paragraph 5 of the Act on the Promotion of Collaborative Mutually Beneficial Cooperation Between Large Enterprises And Small And Medium Enterprises.
 
 
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