KT and Korea Startup Promotion Agency Collaborate to Discover Startups in 5G Application Fields
Collaboration in the 'Startup Leap Package Large Corporation Cooperation Program'
[Asia Economy Reporter Lim Hye-sun] KT announced on the 7th that it has signed a Memorandum of Understanding (MOU) with the Korea Institute of Startup & Entrepreneurship Development to promote digital transformation (DX) and new business initiatives in 5th generation (5G) application fields such as media, artificial intelligence (AI), and robotics.
Through this agreement, KT will jointly carry out the 'Startup Leap Package - Large Corporation Collaboration Program' implemented by the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development, and mutually cooperate in ▲ selecting outstanding startup companies in 5G application fields ▲ selecting joint commercialization projects and supporting technology verification (PoC) and business environment ▲ supporting commercialization funds and investment linkage.
As the first initiative under the agreement, KT will launch the ‘KT-Startup Leap Package’ startup contest to recruit outstanding startups that will drive digital transformation (DX) in the 5G application field.
The ‘KT-Startup Leap Package’ is a scale-up program for startups in their growth phase (3 to 7 years), discovering promising startups, selecting joint commercialization projects in the 5G application field, supporting technology verification, and reviewing future investments.
The contest fields include media, AI, robotics, devices, and online education. Selected startups will receive up to 300 million KRW in commercialization support funds per team and will be provided with matching and mentoring from KT’s dedicated business departments for new business promotion.
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Additionally, at the ‘Demo Day’ where business plans are presented, support will be provided for attracting investments from venture capitalists (VCs) and accelerators (ACs), as well as investment reviews through KT, KT’s investment subsidiaries, and KT-operated funds.
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