Ministry of SMEs and Startups Selects 14 Additional Companies for In-house Venture Nurturing Program, Totaling 96 Companies

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups announced on the 9th that it has selected 14 additional companies to operate the 'In-house Venture Nurturing Program,' bringing the total to 96 companies.

In this call for operating companies, 28 companies applied, and an evaluation committee composed of experts from academia and industry selected the companies by focusing on their capabilities in nurturing in-house ventures and the concreteness of their business plans.

The In-house Venture Nurturing Program supports the commercialization of in-house venture teams spun off based on work experience at large and medium-sized enterprises or spin-off startup companies.

The operating companies play a role in discovering and recommending in-house venture teams or spin-off startup companies within three years of establishment that are eligible for support under this program. By scale, the operating companies include 20 large enterprises, 15 medium-sized enterprises, 46 small and medium enterprises, and 15 public enterprises, totaling 96 companies.

The Ministry of SMEs and Startups has supported the commercialization of a total of 499 companies since 2018, and by selecting 14 additional operating companies this time, it is expected to accelerate the nurturing of in-house ventures through expanded discovery demand in the future.

The Ministry plans to evaluate the companies recommended by the operating companies and provide up to 100 million KRW in commercialization funds to the selected companies, and subsequently support full-scale commercialization such as product development and strategic marketing in connection with the hosting institutions.

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