Kibo Signs 'TECH Valley Business Agreement' with Geumohongdae

Core Institution of Gumi Small Giant R&D Special Zone, Kumoh National Institute of Technology Drives Technology Startups

From the third person on the left, Kim Young-chun, Director of the Korea Technology Finance Corporation, and Kim Dong-sung, Director of Industry-Academic Cooperation Foundation at Kumoh National Institute of Technology, are posing for a commemorative photo after signing the agreement.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter Kibo) announced on the 27th that it has signed a business agreement with Kumoh National Institute of Technology (President Lee Sang-chul, hereinafter Kumoh Tech) to establish a 'University Technology Commercialization Support Platform (U-TECH Valley)'.

Through this agreement, it is expected that the excellent technology talents of Kumoh Tech, which was selected as a core technology institution of the Gumi Small Giant Research and Development Special Zone in July and is promoting the activation of smart manufacturing systems by discovering new technologies and new industries, will be able to revitalize technology startups through Kibo's TECH Valley platform.

According to the agreement, Kumoh Tech will recommend outstanding startup companies within the university to Kibo, and Kibo will provide comprehensive support not only in financial areas such as guarantees and investments for the recommended companies but also in non-financial areas including consulting, technology transfer, and initial public offerings (IPO) to support the successful startups of excellent technical personnel.

Kibo's 'TECH Valley Guarantee' provides guarantees and preliminary investment limits up to 3 billion KRW in stages to companies founded by science and engineering professors and master's and doctoral researchers from partner institutions. So far, it has induced startups from 331 professors and researchers, supporting guarantees of 602.9 billion KRW and investments of 18.7 billion KRW, contributing to the startup of technical talents such as university professors and the spread of the second venture boom.

Kim Young-chun, director of Kibo, stated, "In the post-COVID-19 era, where rapid changes in the startup environment are expected, it is more important than ever for high-level talents such as university professors and researchers to directly commercialize technologies developed through research and development by starting their own businesses," adding, "We will actively work to further vitalize university startups, which are essential to lead the new era and promote innovation in existing industries."

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