Recruitment of Companies for 'In-house Venture Development Program' Operation

Granting Recommendation Authority for In-House Venture Development Program

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced on the 18th that it is recruiting operating companies for the '2023 In-house Venture Promotion Program.' The In-house Venture Promotion Program is a project that supports excellent technical personnel within companies to challenge entrepreneurship. When an operating company of the in-house venture recommends an in-house venture team discovered and nurtured internally to the Ministry of SMEs and Startups, it supports up to 100 million KRW in commercialization funds and growth programs through a selection evaluation.

From 2018 to last year, the In-house Venture Promotion Program collaborated with 81 operating companies such as Samsung Electronics, Hyundai Motor Company, and SK Hynix to discover 681 in-house venture teams and spin-off startup companies. The total sales of 530 in-house venture teams and spin-off startup companies that participated until 2021 amounted to 166.4 billion KRW, with 990 new jobs created and 47.6 billion KRW in investment attracted.

This year, about 50 in-house venture teams are expected to be supported. The program plans to enhance accessibility and convenience for companies' in-house venture promotion programs by simplifying the application and selection procedures for operating companies.

Operating companies that meet certain requirements such as regulations, personnel, and resources to support in-house venture teams will be registered as operating companies on an ongoing basis without separate selection evaluation and will be able to recommend in-house venture teams. For new operating companies, the program will distribute the In-house Venture Promotion Program operation guidebook and standard operating regulations and provide consulting on the in-house venture program to facilitate smooth project implementation.

Additionally, the deadline for completing spin-off startup implementation for participating in-house venture teams will be extended to two months after the end of the agreement. This alleviates the burden of having to simultaneously proceed with the commercialization of the startup item and the spin-off startup procedures, as the agreement period end and the spin-off startup implementation completion deadline were previously the same.

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