"Fostering Innovative ICT Startups" Six K-Global Accelerators Selected
[Asia Economy Reporter Seulgina Jo] The Ministry of Science and ICT announced on the 11th that it has selected six accelerators to participate in the 2020 ‘K-Global Accelerator Development Project.’
As a result of evaluating ICT-specialized accelerators in artificial intelligence (AI), 5G, blockchain, virtual reality (VR), augmented reality (AR), and the Internet of Things (IoT), Commax Ventures, Block Crafters, Awesome Ventures, Yozma Group Korea, Infobank, and K-Accelerator were finally selected. Accelerators refer to institutions that discover early-stage entrepreneurs and intensively nurture them over a certain period to help their growth.
The ‘K-Global Accelerator Development Project’ is a program that supports strengthening the capabilities of ICT-specialized accelerators to activate startups based on innovative technologies in the ICT field and to enable them to be competitive in the global market.
The selected accelerators will operate development programs based on project funds composed of approximately 300 million KRW in government support and more than 100 million KRW of their own resources. They will actively utilize overseas networks in the United States, Germany, China, Israel, and other countries to support startups to grow in specialized fields unique to each accelerator.
Each accelerator plans to independently select about eight promising startups between May and June and operate their own programs such as mentoring, networking, and demo days for six months.
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Oh Sang-jin, Director of the Information and Communication Industry Policy Bureau at the Ministry of Science and ICT, stated, “In a situation where the global economy is rapidly contracting due to the spread of the novel coronavirus disease (COVID-19), it is important to enhance the capabilities and roles of accelerators to create new growth engines and foster a startup ecosystem centered on the digital economy.” He added, “The government hopes that by strengthening the capabilities of ICT-specialized accelerators and supporting the growth of ICT startups through these accelerators, a virtuous cycle structure of the ICT startup ecosystem will be formed.”
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