KT to Lead Venture Discovery and Nurturing for 'Korean-style Silicon Valley'

KT Hosts 'Future Growth Company Discovery Digico Contest' as Part of Gwanak S-Valley Development Project
Recruiting Future Growth Business Areas Including AI, Big Data, Cloud, Media, Health, and Robotics
Providing Startup Incubation Workspace 'KT Digico Lab' Residency and Business-Linked Startup Mentoring

[Asia Economy Reporter Eunmo Koo] KT is officially launching efforts to discover and nurture star ventures in 'Gwanak S Valley,' Korea's version of Silicon Valley.

On the 14th, KT announced that as part of the Gwanak S Valley development project, it will implement the 'Future Growth Company Discovery Digico Contest' program to identify promising ventures and small and medium-sized enterprises (SMEs) and jointly develop future growth businesses with KT.

Gwanak S Valley is a venture startup cluster that KT has been developing since last year in collaboration with Gwanak-gu and Seoul National University, centered around Daehak-dong in Gwanak-gu. KT, Gwanak-gu, and Seoul National University are operating various programs aimed at building Asia's largest startup nurturing cluster based on Seoul National University's outstanding talent and research capabilities, and creating a self-sustaining startup ecosystem where startup growth leads to regional economic revitalization.

The contest targets venture companies and SMEs wishing to collaborate with KT in future growth businesses such as artificial intelligence (AI), big data, cloud, media, health, and robotics. Interested companies can apply through the contest application website, with the deadline on June 6. KT plans to select four final companies by evaluating business capabilities, creativity, and future growth potential through a first-round document screening and a second-round presentation.

The selected companies will receive a total prize of 40 million KRW and will proceed with joint commercialization development through discussions with KT. Additionally, KT will offer opportunities to be selected for the 'Biz Collaboration' program, which supports business expenses up to 100 million KRW per company through a separate screening process, and plans to make additional investments upon passing KT Investment's investment review.

Furthermore, the selected companies will have the opportunity to reside for one year in the 'KT Digico Lab,' a startup incubation workspace that KT is establishing in Gwanak S Valley. Gwanak-gu, Seoul National University, and KT also plan to provide mentoring and administrative support during the commercialization process.

Shin Geum-seok, Head of KT SCM Strategy Office, said, "We hope that this contest, conducted in cooperation with the Gwanak S Valley development project, will give birth to star venture companies that will lead Digico KT's future growth businesses." He added, "KT will continue to actively engage in the Gwanak S Valley development project to revitalize the innovative startup ecosystem."

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