"Up to 100 Million" KT Provides Growth Funding to Startups
Startups with Solutions Compatible with KT
Up to 100 Million KRW Funding for Selected Companies
Collaboration Opportunities Including Bridge Open Innovation Benefits
KT will provide up to 100 million KRW in growth funding to startups. This aligns with the policy direction set earlier this year by the Ministry of SMEs and Startups to shift the driving force of the domestic open innovation ecosystem to private sector leadership. KT is collaborating with the Daegu Creative Economy Innovation Center and Daegu City to run a program supporting scale-ups.
On the 1st, KT announced that it will jointly conduct the ‘KT X DaeguCC EI 2023 Daegu Scale-up Open Innovation Program’ with the Daegu Creative Economy Innovation Center. Eligibility is open to all startups within seven years of establishment. Applications are accepted even if the startup is not located in Daegu City. Startups possessing solutions or services that can collaborate with KT are eligible to apply.
Selected startups will receive up to 100 million KRW for technology verification (POC) and growth support funding. They will be matched with KT’s dedicated business departments and KT Group companies for mentoring and joint commercialization efforts. Additionally, various benefits will be provided, including △ preferential treatment when applying for KT’s ‘Bridge Open Innovation’ support △ participation in major overseas exhibitions organized by KT △ opportunities to attract investment from domestic and international venture capitalists and investment review through KT Group and KT Operation Funds △ access to KT-operated office spaces located in Seoul and other areas, EcoOn membership, and opportunities for free transfer of patents owned by KT.
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Applications can be submitted through the Daegu Startup Hub (startup.daegu.go.kr). The application period is until the 1st of next month. Detailed information can be found in the ‘2023 Daegu Scale-up Open Innovation Program Startup Recruitment Announcement.’ KT stated, “We will support the selected startups to grow into unicorns that will lead the future industries of the Republic of Korea.”
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