GIST-Microsoft Join Hands to Support SMEs Entering the Global Market

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangju Institute of Science and Technology (GIST, President Kim Gi-seon) and Microsoft have joined hands to support small and medium-sized enterprises (SMEs) in entering the global market.

GIST announced on the 31st that through the 2020 Startup Leap Package support project 'Majung' program, jointly promoted with Microsoft, it has been allocated a total project budget of 6.15 billion KRW this year to support 30 excellent AI-related startup companies.

The Majung program is named by combining the first syllables of 'Ma' from Microsoft and 'Jung' from the Ministry of SMEs and Startups, symbolizing that Microsoft warmly welcomes Korean startups wishing to collaborate, as if Microsoft is going out to greet them.

To efficiently carry out the project, GIST has formed a dedicated organization to support startups, assisting their growth through investment organization formation and securing investment funds, technology transfer, and education utilizing on-campus infrastructure. Microsoft will provide support in education, product advancement, consulting, and attracting investment from the United States.

The program offers commercialization funds up to 300 million KRW (average 170 million KRW) and R&D-linked research and development funds up to 400 million KRW (for 2 years) to startups aiming to enter the global market, along with services necessary for startup growth such as education, consulting, and networking.

Additionally, the GIST Business Support Center utilizes GIST's AI infrastructure and operates specialized programs with GIST's unique strengths for companies selected in the Majung program, providing opportunities for these companies to scale up to the next level.

Since 2016, GIST has been operating the Startup Leap Package support project for five consecutive years, selecting and supporting 16 companies last year. Due to the Business Support Center's active investment attraction activities, it secured investments totaling 20 billion KRW as of last year.

In particular, the Business Support Center has received high praise from companies by signing business agreements with leading domestic investment institutions and attracting customized investments through active investment attraction activities.

Ki Sung-geun, head of the GIST Business Support Center, said, “Through active collaboration with Microsoft, the Business Support Center will systematically support promising technology companies to discover, accelerate, attract investment, and expand into overseas markets, enabling startups to grow to the next level.”

Meanwhile, startups wishing to participate in the Majung program can apply online through the K-Startup website during the announcement period until the 17th of next month.

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