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Busan's excellent manufacturing companies to be fostered into Unicorn Companies....with Manucorn project

According to Yonhap News,

Busan is to go ahead with a project that selects and intensively fosters outstanding small and medium-sized manufacturing companies in Busan, and grow them to value more than KRW 1 trillion.

On February 10, Busan Techno Park (BTP) announced that it plans to push for the "ManuCorn" project, which selects excellent manufacturers in Busan and helps them to grow like unicorn companies (unlisted start-ups with a corporate value of KRW 1 trillion or more and less than 10 years since establishment).

BTP explained that 'Manucorn' refers to a combination of 'manufacturing' and 'unicorn companies', indicating manufacturing-based companies recognized for their future value potential.

It will select excellent manufacturing companies in Busan among the top 1,000 companies, Busan's top 100 companies, middle market enterprises, and venture firms with sales exceeding KRW 100 billion.

It plans to foster excellent manufacturing companies intensively, by creating investment platforms such as unicorn funds to support them with overseas expansion and investment attraction.

BTP will also seek ways to establish a consortium system, which will help their innovative ideas make up for the lack of technological prowess.

BTP plans to establish a Manucorn Project Promotion Committee within this month, hammering out specific implementation measures, and propose to the Ministry of SMEs and Startups as early as March.
Source Text

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Source: Yonhap News (February 10, 2024)

** This article was translated from Korean.