Ministry of Science and ICT to Invest 156.3 Billion KRW in This Year's 'K-Global Project'
[Asia Economy Reporter Seulgina Jo] The government is integrating ICT startup and venture support projects under the single brand 'K-Global' and will invest 156.3 billion KRW in 30 projects this year.
The Ministry of Science and ICT announced on the 1st that it will provide integrated guidance on the 2021 K-Global projects on the 2nd and hold an online public-private integrated briefing session within this month.
The total budget for the 30 projects to be promoted this year increased by 32% from 118.1 billion KRW last year to 156.3 billion KRW. Specifically, the budget for the ‘ICT R&D Innovation Voucher Support’ project significantly increased from 12.8 billion KRW to 54.7 billion KRW, greatly strengthening support for open technological innovation by small and venture companies. Additionally, new projects such as ‘ICT Future Market Optimization Collaborative Technology Development’ were established.
All projects under the K-Global initiative are divided into four areas: ▲Package ▲Overseas Expansion ▲Commercialization R&D ▲Mentoring & Consulting.
First, the Ministry of Science and ICT will invest a total of 9.6 billion KRW in eight projects that provide integrated packages for corporate growth, including startup contests, accelerator development, ICT applied technology development support, investment attraction, consulting, mentoring, and overseas expansion.
Furthermore, a total of 19.05 billion KRW will be allocated to eight projects including the operation of local bases such as KIC (Korea Innovation Center), which serves as a reliable partner for startups entering the global market, and overseas IT support centers.
In addition, 123.5 billion KRW will be invested in ten projects that provide commercialization technology development funds to startups and small businesses, such as the SW High-Growth Club 200 and ICT R&D Innovation Voucher Support. Four projects supporting mentoring and consulting by specialized experts in various fields for startups have also been allocated a total of 4.1 billion KRW.
The Ministry of Science and ICT plans to hold related briefing sessions online within this month.
Private companies and institutions participating include 12 organizations: Naver D2 Startup Factory, Lotte Accelerator L-Camp, Samsung Electronics C-Lab, Credit Guarantee Fund Start-up NEST, Kakao Ventures, POSCO Idea Market Place (IMP), Hanwha DreamPlus, KT Open Innovation, Korea Telecommunications Operators Association (KTOA), LG CNS Startup Monster, SGI Seoul Guarantee, and SKT True Innovation.
The online integrated briefing session video will be uploaded on the K-Global website (www.k-global.kr), KakaoTV, and YouTube channels. Pre-registrants will receive a materials booklet including the integrated announcement and detailed information about the online briefing session via email.
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Kim Jung-won, Director of the Information and Communication Policy Office at the Ministry of Science and ICT, stated, “The role and importance of ICT startups possessing innovative technologies are increasing amid COVID-19 and the rapidly changing ICT industry. Based on the Digital New Deal, we will strengthen substantial government support to ensure sustainable growth of ICT technology-based startups and expand cooperation with private large corporations and related ministries to advance the ICT startup and venture ecosystem.”
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