Comprehensive Guide to 'ICT Startup and Venture Support Policies'... 118.1 Billion KRW Invested This Year

[Asia Economy Reporter Seolgina Jo] The Ministry of Science and ICT recently integrated and streamlined the ICT startup and venture support policies, with about 118.1 billion KRW invested this year, in line with the 'second venture boom.' This year, 30 support projects focusing on big data, artificial intelligence (AI), and software are planned to be promoted.

The Ministry of Science and ICT announced on the 30th that it will release the '2020 K-Global Project Integrated Guide' with these details on the 31st. The guide includes projects supporting startups in the ICT sector at various growth stages such as startup, growth, and overseas expansion, as well as projects in diverse technology fields like big data, AI, and software.

The total budget scale for projects within the program increased from 83.7 billion KRW last year to 118.1 billion KRW (30 projects) this year. It is broadly divided into three areas: general ICT startup and growth, ICT overseas expansion, and ICT foundational technologies.

First, 8 projects supporting all stages from startup to growth in the ICT field, including startup contests, accelerator development, and ICT applied technology development support, will receive a total of 57.5 billion KRW. Five projects, such as operating local bases like KIC (Korea Innovation Center) and overseas IT support centers, which serve as strong partners for startups' global expansion, will be supported with a total of 17.5 billion KRW. Additionally, 17 projects covering individual foundational technology fields have been allocated a total of 43.1 billion KRW.

The Ministry of Science and ICT plans to hold a public-private integrated briefing session at El Tower in Yangjae-dong on the 7th of next month. This event will include participation from 11 private companies and institutions such as Lotte Accelerator, Samsung Electronics, SKT, KT, LG CNS, Kakao Ventures, POSCO, Hanwha Dreamplus, Korea Credit Guarantee Fund, KTOA, and SGI Seoul Guarantee. Last year's briefing session attracted over 1,000 visitors, exceeding initial expectations.

At this event, the Ministry of Science and ICT will introduce ICT startup and venture support programs implemented by the government and private companies and institutions in one place, and operate 1:1 consultation booths for detailed guidance by company and institution. This year, efforts will be further enhanced to make it a two-way communication event by newly operating a visitor feedback platform on startup and venture support. The Korea Institute of Startup & Entrepreneurship Development will also participate to provide attendees with information on major startup and venture support projects by the Ministry of SMEs and Startups.

Kim Jung-won, Director of the Information and Communication Policy Office at the Ministry of Science and ICT, stated, “We will continue to strengthen various supports so that startups with innovative ICT technologies can achieve high growth and rapidly leap into global companies,” and added, “We will reinforce demand-driven startup and venture support policies by continuously discovering various public-private cooperation methods.”

This content was produced with the assistance of AI translation services.