Ministry of SMEs and Startups Holds 2nd Entrance Ceremony for 'Global Startup Academy'... Expansion of Development Areas
60 Companies from 1st Cohort Achieve 8.4 Billion KRW in Sales and Hire 144 New Employees Within 5 Months of Enrollment
[Asia Economy Reporter Junhyung Lee] On the 13th, the Ministry of SMEs and Startups announced that it will hold an entrance ceremony for 60 startup companies participating in the 2nd class of the Global Startup Academy at 'G Tower' located in Guro-gu, Seoul.
The Global Startup Academy is a program newly established by the Ministry of SMEs and Startups last year to provide domestic startup companies with global-level artificial intelligence (AI) technology education and incubation services. According to the Ministry, global companies and startup planners directly participated in the education, receiving great responses from the startup companies.
The achievements of the companies that received education last year are also remarkable. According to the Ministry, the 60 companies from the 1st class who graduated in February this year recorded sales of 8.4 billion KRW five months after enrollment and newly hired 144 employees. Among them, 21 companies were recognized for their technological capabilities and business potential and attracted follow-up investments of 5.9 billion KRW.
The Global Startup Academy 2nd class support program is divided into three areas: education, incubation, and commercialization support. The Ministry will expand the content of the education field from the existing AI to Data, Network, and Artificial Intelligence (D·N·A). Global companies such as Amazon Web Services (AWS), Microsoft (MS), Google Cloud, and NVIDIA will directly participate in the education and provide their innovative technology education programs. Domestic experts from institutions such as the Korea Advanced Institute of Science and Technology (KAIST) and NHN will support customized education according to the level of the startup companies.
In the incubation field, Techstars was newly selected as a global startup planner. As a result, the number of global startup planners participating in the incubation program has expanded from the existing four companies?500 Startups, SOSV, Plug and Play, Startupbootcamp?to five companies.
Additionally, the Ministry supports commercialization spaces located within the Guro G Tower Global Startup Academy and up to 50 million KRW in commercialization funds for startup companies that need business premises.
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Minister Kwon Chil-seung of the Ministry of SMEs and Startups said, "The second venture boom is possible because of innovative startups even in difficult situations," adding, "Having confirmed the operational achievements of the Global Startup Academy through the 1st class graduates, we will continue to expand support so that innovative startup companies can continue to emerge."
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