Gwangju Institute of Science and Technology "Growing AI SMEs Together with MS"

[Asia Economy Reporter Junho Hwang] Gwangju Institute of Science and Technology (GIST) and Microsoft are supporting AI small and medium-sized enterprises (SMEs) to enter the global market through the startup leap package support project "Majung." Majung is a program named after the first letters of Microsoft and the Ministry of SMEs and Startups, symbolizing Microsoft's welcome to Korean startups.

This year, GIST has been allocated a budget of 6.15 billion KRW to support 30 outstanding AI-related startups in collaboration with the global company Microsoft. GIST is responsible for forming investment organizations, securing investment funds, technology transfer, and technical education, while Microsoft assists with product advancement, consulting, and attracting investment from the United States.

The program targets startups aiming to enter the global market, providing up to 300 million KRW (average 170 million KRW) in commercialization funds and up to 400 million KRW over two years for R&D-linked research and development funds.

Currently, GIST has been operating the startup leap package support project for five consecutive years since 2016. Last year, it supported 16 companies and attracted a total investment of 20 billion KRW.

Seonggeun Ki, head of the GIST Enterprise Support Center, said, "Through active collaboration with Microsoft, the Enterprise Support Center will systematically support promising technology companies to grow to the next level by discovering them and providing acceleration, investment attraction, and overseas market entry."

Startups wishing to participate in the Majung program can apply through the K-Startup website from the 21st of this month until the 17th of next month. The program briefing session will be held online via the YouTube channel on the 28th of this month.

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