GIST Selected as Host Institution for Preliminary Startup Package Support Program

[Asia Economy Honam Reporting Headquarters Reporter Lee Gwan-woo] Gwangju Institute of Science and Technology (GIST, GIST) announced on the 26th that it has been selected as the lead institution for the Ministry of SMEs and Startups' Preliminary Startup Package support project this year.

This year, GIST has been allocated a total project budget of 2.17 billion KRW and plans to support preliminary startup companies in the specialized fields of the Preliminary Startup Package, such as digital, network, and artificial intelligence (AI), collectively called the ‘D.N.A fields’.

The Ministry of SMEs and Startups' Preliminary Startup Package support project provides practical startup support, including commercialization funding, startup education and mentoring, market linkage, and global expansion, to help preliminary entrepreneurs with innovative technology startup ideas smoothly commercialize their businesses.

Selected preliminary entrepreneurs receive an average of 51 million KRW through commercialization fund evaluations covering idea discovery, prototype production, intellectual property acquisition, and marketing. They are also provided with close support services throughout their startup activities by assigning dedicated mentors who are startup and management experts through online and offline education.

GIST has been continuously running the Preliminary Startup Package for the 4th Industrial Revolution field (Artificial Intelligence) in 2019 and the specialized field (Artificial Intelligence) Preliminary Startup Package last year to nurture preliminary entrepreneurs for three consecutive years.

Through this, GIST has supported a total of 74 companies so far, generating business outcomes including sales of 670 million KRW, employment of 170 people, and investment attraction of 700 million KRW.

Additionally, for the successful startup of companies selected for this year’s project, GIST plans to support startup companies by organizing a dedicated team responsible for startup support, forming an investment organization and securing investment funds, technology transfer utilizing on-campus infrastructure, providing startup spaces, and supporting startup companies through startup clubs.

Jo Byung-kwan, head of the GIST Startup Promotion Center, said, “As the lead institution operating a global linkage program, we will spare no effort and provide full support for step-by-step customized startups of preliminary startup companies to create an AI field preliminary startup ecosystem.” He added, “We will do our best to revitalize the local economy along with the success of startup companies by actively utilizing the startup infrastructure that GIST possesses.”

Meanwhile, GIST plays a role as a startup hub utilizing the specialized fields of the Gwangju region, and plans to support 35 preliminary entrepreneurs out of 530 in the ‘D.N.A specialized fields’ of the Preliminary Startup Package this year.

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