Shinbo Partners with Ministry of Science and ICT to Foster Promising ICT Startups
[Asia Economy Reporter Kwon Haeyoung] The Korea Credit Guarantee Fund announced on the 13th that it will promote the 'Public-Private Cooperation-Based ICT Startup Development' project, which discovers and supports promising startups in the information and communication technology (ICT) fields such as data, networks, and artificial intelligence (AI), in collaboration with the Ministry of Science and ICT and large corporations.
The Public-Private Cooperation-Based ICT Startup Development project is a program where the government and large corporations discover and nurture promising domestic ICT startups to strengthen their technological capabilities and support growth, with the Korea Credit Guarantee Fund providing linked guarantees. The Ministry of Science and ICT selects target companies and supports up to 500 million KRW in research and development (R&D) funds over three years. Large corporations provide startup infrastructure such as recommending startups nurtured through their own startup support programs, technology and commercialization support, and market access support. The Korea Credit Guarantee Fund plans to support guarantees of up to 3 billion KRW for companies pursuing commercialization after successful R&D projects, and will apply preferential guarantee ratios and guarantee fees to facilitate smooth financing and reduce financial burdens for companies.
A Ministry of Science and ICT official stated, "Through this program, open innovation between startups and large corporations will be activated, and a nurturing system has been established that allows commercialization to be pursued through guarantee support from the Korea Credit Guarantee Fund after successful R&D projects."
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Yoon Daehee, Chairman of the Korea Credit Guarantee Fund, said, "Through this program, a support system has been established where the core capabilities of the government, large corporations, and policy financial institutions are organically linked to foster the growth of promising ICT startups. The Korea Credit Guarantee Fund will continue to provide maximum support so that creative and innovative ICT startups can leap into high-growth companies."
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