Government to Foster ICT Unicorn Companies... 15 Selected Firms
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[Asia Economy Reporter Cha Min-young] The government is recruiting target companies for this year's ICT sector unicorn cultivation project.
The Ministry of Science and ICT announced on the 27th that it is recruiting 15 companies for the '2022 Global ICT Future Unicorn Cultivation Project (ICT GROWTH)'.
Selected companies will receive growth funds supported by credit guarantees of up to 10 billion KRW from the Korea Credit Guarantee Fund. A comprehensive package including global market entry and performance bond insurance support will also be provided, and activities linked to investment attraction during the support period will be assisted.
Applicants must be SMEs in the ICT or ICT convergence fields with global capabilities, and either ▲ have received investments of 2 billion KRW or more from domestic or international institutional investors within the last three years since incorporation, or ▲ have had an average annual sales growth of over 10% in the past three years.
The Information and Communication Industry Promotion Agency, the dedicated startup and venture support agency under the Ministry of Science and ICT, will form a selection committee to conduct evaluations. The evaluation will focus on possession of core technologies, marketability, growth potential, global capabilities, and return plans, while the Korea Credit Guarantee Fund will conduct eligibility screening for guarantee support to make the final selection.
Applications can be submitted online through the Information and Communication Industry Promotion Agency website from the 28th of this month to the 28th of next month. Selected companies will be announced in May.
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Song Gyu-cheol, Director of the Information and Communication Industry Infrastructure Division at the Ministry of Science and ICT, stated, “Based on differentiated overseas expansion program support unique to the Ministry of Science and ICT, we will provide customized comprehensive support so that promising ICT companies can grow into unicorn companies that succeed in the global market.”
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