A case study on the improvement of institution of “High-Risk High-Return R&D” in Korea

Despite the increase of government spending on R&D in South Korea, there have been limits in enhancing the challenging trait and creativity of research outcomes. A new approach to the current mode of R&D is considered necessary to tackle this problem. In 2015, South Korea operated fifteen programs, namely “High-risk Highreturn R&D,” from seven government ministries. The purpose of this study is to examine the actual conditions for adoption and to further promote early establishment and wide implementation of the new “High-risk High-return policy” in National R&D, and to suggest ways to improve it. In this study, we have approached the case with a life-cycle perspective of planmanagement- evaluation of R&D by carrying out a survey and unstandardized interviews with key staff from R&D management agencies. Based on the results of the analysis, we suggest improvements in three aspects: 1) flexible system operation, 2) government ministries’ autonomy and accountability, 3) effective incentives. Finally, we discuss possible improvements, future directions, and the limits of this study.