Support for Commercialization of 33 Innovative Startup Teams... Total Startup Funding of 100 Million KRW Provided
‘2020 K-Global Startup Contest’
[Asia Economy Reporter Seulgina Jo] The government is discovering startups with innovative ideas in the ICT and specialized technology fields and supporting mentoring for commercialization. Outstanding startups will also receive a total of 100 million KRW in startup support funds.
The Ministry of Science and ICT announced on the afternoon of the 30th that the launch ceremony for the selected teams of the '2020 K-Global Startup Contest' support program was held online. Now in its 11th year, this contest is a program that supports startup founding and commercialization. After about three weeks of application and evaluation, a total of 33 teams were selected this year.
The selected teams will receive expert mentoring necessary for commercializing their startup ideas, technical seminars by field, collaborative spaces, company-specific promotion, and investor networking opportunities for about five months. Development tools for prospective founders and startups, such as Naver D2 Startup Factory's cloud infrastructure and JetBrains' integrated development environment, a software development company, will also be supported.
At the final pitching competition to be held at the end of the year, startups selected as outstanding will receive additional startup support funds totaling 100 million KRW. The grand prize is 50 million KRW (1 team), the excellence award 25 million KRW (1 team), the merit award 15 million KRW (1 team), and the encouragement award 5 million KRW (2 teams).
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Oh Sangjin, Director of the Information and Communication Industry Policy Bureau at the Ministry of Science and ICT, stated, “Through this contest, we hope that many new seeds of ‘K-Global Unicorns’ that can soon shine in the startup ecosystem, which has lost vitality due to the recent COVID-19 pandemic, will be sown as promising startups’ innovative ideas are quickly connected to commercialization.”
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