"Fostering 15 ICT Future Unicorn Companies Selected"

[Asia Economy Reporter Seulgina Jo] The Ministry of Science and ICT announced on the 17th the final selection of 15 companies for the 2020 Global ICT Future Unicorn Development Project (ICT GROWTH Project).

The Global ICT Future Unicorn Development Project is a program aimed at nurturing 50 future unicorn companies by 2025 by discovering promising companies with high growth potential in the ICT sector and providing comprehensive support such as overseas expansion and funding (investment and loans).

Among small and medium-sized enterprises in the ICT or ICT-based convergence fields, the support requirements include ▲ companies that have received more than 2 billion KRW in investment from domestic or foreign institutional investors within the last three years after incorporation, or ▲ companies whose sales have increased by an average of more than 10% annually over the past three years.

This year, a total of 138 companies applied, recording a competition rate of 9.2:1. The Ministry of Science and ICT comprehensively evaluated technology level and marketability, global capabilities, and plans to give back to the domestic startup ecosystem to finally select 15 companies.

The 15 selected companies include Mathpresso, an AI-based math problem-solving edutech company, as well as OnePredict, Open Edge Technology, Acryl Co., Ltd., Fitpet Co., Ltd., CrowdWorks, Frontis, Noeul Co., Ltd., Ives Co., Ltd., Medifutures Co., Ltd., Smart Radar System Co., Ltd., AItrics, Centbee, SolarConnect, and Linkshops Co., Ltd.

These companies will receive package support such as credit guarantees, investment attraction linkage, overseas expansion acceleration, performance guarantees, and legal advice through cooperation between the Ministry of Science and ICT and related organizations including the Korea Credit Guarantee Fund, the National IT Industry Promotion Agency, the Korea Telecommunications Operators Association, Born2Global Center, and Seoul Guarantee Insurance.

Specifically, they will receive credit guarantee support of up to 10 billion KRW for three years from the Korea Credit Guarantee Fund. They will also have opportunities to attract venture capital (VC) investment through the Korea ICT Fund (KIF) established by the Korea Telecommunications Operators Association. Additionally, through the 8-week ‘B2G Bootcamp’ and product-market fit (PMF) consulting provided by Born2Global Center (B2G), they will strengthen their preliminary capabilities for overseas expansion, and they can also participate in special programs such as nurturing and mentoring by local experts provided at overseas bases of the National IT Industry Promotion Agency.

Jang Seok-young, the 2nd Vice Minister of the Ministry of Science and ICT, stated, “Capable ICT companies have recently faced constraints in funding and overseas expansion due to the spread of COVID-19,” adding, “The government will actively support ICT companies with high growth potential to turn the crisis into an opportunity in the post-COVID era and leap forward as unicorn companies in the global market.”

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