"Supporting Venture Innovation" KT Launches 'Biz Collaboration' Initiative

KT Launches 'Biz Collaboration' Joint Project with Innovative Venture Companies
Recruiting 15 Key Companies in AI, Big Data, Cloud, Robotics, and More to Accelerate Digico
Support Up to 100 Million KRW per Company...Double the Scale Compared to Last Year

[Asia Economy Reporter Eunmo Koo] KT announced on the 16th that it will implement the ‘Biz Collaboration’ program to discover promising small and venture companies in partnership with the Gyeonggi Center for Creative Economy and Innovation and jointly carry out new digital transformation (DX) businesses.

Biz Collaboration is a program targeting small and venture companies to discover collaborative business items and support joint commercialization by connecting them with relevant KT business departments from the idea conception stage. This program has been ongoing for the fifth time since 2017. Through Biz Collaboration, KT has carried out 63 joint business projects with venture companies, and among them, made follow-up equity investments in six venture companies.

KT is focusing on businesses such as AI, big data, cloud, media, finance, robotics, and health to accelerate its transformation and growth as a Digico. This year, the plan is to select a total of 15 companies, mainly venture companies with excellent technologies in these fields.

Applications will be accepted on an ongoing basis from today until early September through the Gyeonggi Center for Creative Economy and Innovation application page. Selected companies will receive support of up to 70 million KRW for research and development, patent applications, prototype production, and marketing and promotional expenses. After selection, additional support of up to 30 million KRW can be received through a follow-up review, increasing the total support benefits to 100 million KRW.

Shin Geum-seok, Head of KT SCM Strategy Office, said, “Biz Collaboration is KT’s representative open innovation program that has been ongoing since 2017, and this year we will focus on discovering new growth businesses centered on ABC. We will lead growth as a Digico by creating new DX services together with promising small and venture companies.”

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