The term, technology appraisal, has various definitions in accordance with its own purposes. In this program evaluation report, technology appraisal refers to a series of activities which valuate a company's technologies reflecting the business environment and prospects, and express the market value of the technologies as a score, index, monetary value, and so on.

It is essential to enhance the public confidence in Technology appraisal for promoting innovative SMEs or Technology-oriented enterprises because it is much easier to be funded if the technology and corporate value is correctly assessed. In this regards, Korean government has also been making attempts to support technology appraisal activities, such as supplying infrastructure or paying for appraisal fee.

This report focuses on what the obstacles and alternatives are to make national technology appraisal program more effective and efficient. As a result of this program evaluation, several problems are pointed out. First, there are few reliable and specialized institutions in charge of technology appraisal in Korea. Second, excessive concentration of appraisal activities only on a few institutions makes it difficult to secure effective competition among appraisal institutions. Third, in the absence of any kind of mechanism through which appraisal institutions share risk with financial institutions, it is very difficult for appraisal institutions to construct public confidence in appraisal result itself.

Several recommendations are as follows; the government needs to strengthen post supervision or management of appraisal institutions after they are authorized, making the entry and exit more active. Moreover, some measures needs to be taken for appraisal institutions to take financial responsibility on their own appraisal results, such as KIBO which is almost the only institution doing technology appraisal guarantees in Korea.