Ministry of SMEs and Startups to Recruit Host Organizations for In-house Venture Development

About Four Institutions Selected with In-house Venture Support Capabilities... Up to 300 Million KRW Support

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups is recruiting host organizations to operate the 'In-house Venture Promotion Program,' which utilizes the innovation capabilities of large corporations and the private sector to activate startups, from the 8th to the 25th of this month.

The In-house Venture Promotion Program was newly established in 2018 and was directly operated by a dedicated organization for three years. However, with growing interest in open innovation and an increase in participating companies, the ministry decided to select and operate host organizations with expertise in startup support, such as startup planning (accelerating) and investment linkage, to improve operational efficiency and produce tangible results.

The newly selected host organizations will be responsible for directly supporting the commercialization of in-house venture teams (companies) and operating various programs for the growth of their own startup companies, aiming to increase the success rate of in-house ventures.

Host organizations must have at least two dedicated personnel and startup incubation space, and be corporations classified as startup planners (accelerators) under the 'Act on the Promotion of Venture Investment.' They will be selected through a two-stage evaluation process that comprehensively reviews their startup incubation capabilities and support plans.

Selected host organizations will receive up to 300 million KRW for supporting the commercialization of in-house venture teams (companies) and operating their own startup support programs. They are guaranteed to carry out the project for at least two years, with the possibility of extending the period based on performance evaluations.

Corporations wishing to participate as host organizations for the In-house Venture Promotion Program must prepare the relevant documents and apply through the K-Startup Startup Support Portal (www.k-startup.go.kr) by 5 p.m. on the 25th.

Yoon Seok-bae, Director of Startup Ecosystem Formation at the Ministry of SMEs and Startups, stated, "As the importance of an open innovation startup ecosystem is emphasized, the role of host organizations is crucial for producing results from excellent in-house ventures," adding, "We look forward to the active participation of accelerators with outstanding capabilities."

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