16 ICT Startup Incubation Projects Selected... 500 Million KRW Support Over 3 Years

[Asia Economy Reporter Seulgina Jo] The Ministry of Science and ICT announced on the 25th that it has finalized the selection of 16 startups participating in the '2020 Public-Private Cooperation-Based ICT Startup Development Project' and will begin full support.

The ICT startup development project, newly launched this year, aims to accelerate the development of core technologies by startups with innovative technologies and ideas in the ICT field through three years of cooperative support from the government and large corporations, and to ensure that the developed products and services successfully enter the market.

The government will provide a total of 500 million KRW in R&D funding over three years to the selected companies. For the first year, 100 million KRW will be provided. Nine major corporations, including SK Telecom and Samsung Electronics, will offer infrastructure, technology, and commercialization support to these startups through their own startup incubation programs.

Key projects include the development of non-face-to-face AI video consultation technology (MoneyBrain), AI software technology that automatically converts and produces text data into digital video content (Waynehills Ventures), next-generation AI traffic infrastructure development and the establishment of a neighborhood traffic map platform (Alt-A), and a blockchain-based efficient overseas payment network (Moin), among others.

Oh Sang-jin, Director of the Information and Communication Industry Policy Bureau at the Ministry of Science and ICT, stated, “Existing government-led startup development policies need change, and from this perspective, the newly selected startups in this project, which is a public-private joint effort, will be able to create synergy through open collaboration with mentor companies.”

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