The value creation process is changing in that it involves various agents in the process. Those agents takes an important role in the process as they actively participated in many areas such as commission, design, delivery and evaluation of the service. Consumers’ or other agents’ participation in the value creation process was researched under the “co-creation” theory. At the same time, cooperation between public policy makers(governments) and citizens was also studied in the public administration area under the concept of “co-production“. Both disciplines stress the importance of “balanced centricity” among actors in the service network, and tried to incorporate citizen perspective in the evaluation of co-production. This study reviewed current research on co-production in the business and the public administration and identified Korea’s Motae fund(fund of funds) as an example of the coproduction between government and private company. Motae fund is a type of government venture capitals that invests the fund to the venture capital companies which eventually invest in the venture business. Thus, the Motae fund becomes available to the venture business only though the co-production process between the government and the private venture capital company. This research conducted focus group interviews with venture capitalists and venture businesses to assess the effectiveness and possibility of improvement of Motae fund. Interview found that venture capitalists and venture businesses show very high satisfaction no matter if they actively participated in the Motae fund or not. Also, venture capitalist apply to the Motae fund so that they can attract more private capital using the fact that they are funded by Motae. This fact shows that Motae create “crowd-in” effect in the venture capital market. Also, venture capitalists pointed out that the harsh investment condition of the Motae fund as an area that needs improvement and wanted to be heard more when the Moate decides the conditions to invest the fund. However, surprisingly, the venture businesses are rather indifferent to the types (government or private) of fund and some of them did not know if they were invested by the Motae fund. This fact implies that venture capital could give more valuable feedback to the government to improve the Motae fund than could venture businesses.