Private and Public Specialized Institutions Support Growth of 'Public Data Utilization Startup Companies'

Public Data Utilization Startup Support Collaboration Project, Recruiting Participating Companies for the First Half of 2021

[Asia Economy Reporter Lim Cheol-young] The 'Public Data Utilization Startup Support Collaboration Project,' which supports startup companies by utilizing public data through collaboration between private and public specialized institutions, is set to officially begin.

On the 27th, the Ministry of the Interior and Safety announced that it will recruit startup companies and prospective entrepreneurs to participate in the '2021 Public Data Utilization Startup Support Collaboration Project' from April 28 to May 20.

The Public Data Utilization Startup Support Collaboration Project is a comprehensive support initiative where 14 specialized institutions?including 9 public institutions with expertise in various startup fields and 5 private institutions?collaborate to support every stage of startups, from discovering data startup ideas to intellectual property rights, startup funding, consulting, promotion, and overseas expansion.

For prospective entrepreneurs preparing to start a business, the project provides support for idea discovery and education such as data and artificial intelligence (AI) utilization training and intellectual property rights applications. For early-stage startups within three years of establishment, programs that help companies grow?such as workforce support, startup funding, cloud services, and data utilization?are provided. Additionally, for companies in the growth and leap stages, customized consulting, investment attraction, and promotion are supported, along with overseas market entry assistance through capacity-building education, mentoring, and investment linkage to help them grow into global companies.

Especially this year, with the acceleration of digital transformation due to COVID-19, a financial and legal consulting program has been added to support the overseas expansion of excellent domestic services. Applicant companies will be selected through evaluations by collaborating institutions, and selected companies will receive customized support through the specialized programs of these institutions. Even after the program ends, follow-up support such as information provision and promotion will continue.

The Ministry of the Interior and Safety plans to implement the Public Data Utilization Startup Support Collaboration Project in the same way in the second half of the year.

Meanwhile, since the launch of the Public Data Utilization Startup Support Collaboration Project in 2017, the Ministry has played a stepping stone role for data-based startup companies by linking and supporting 547 programs for 354 companies over the past four years. Jeong Seon-yong, Director of the Digital Government Bureau, stated, “By integrating startup support programs that were dispersed between the public and private sectors, we can provide more systematic support at each stage,” and added, “We will actively support private ideas meeting public data to create new jobs with high added value.”

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