According to Yonhap News,

(SEOUL=Yonhap News) As of September 8, the number of startup incubators that are less than seven years old had doubled, from 180 to 391, sales had increased eightfold, from KRW 2.3 billion (USD 1.97 million) to KRW 19.35 billion, and the number of new employees had also doubled, from 48 to 82, since late June, according to the Ministry of Science, ICT and Future Planning (MSIP).

Some startups are already showing signs of success, including TEGway, a UNESCO Netexplo Award Grand Prize winner for creating a thermo electric wearable technology, Tumpure, KPT and Hankook NSD.

MSIP is also executing investment funds related to the 17 creative economy innovation centers. As of September 8, it has established KRW 357.5 billion in investment funds, accounting for 44 percent of the target amount (KRW 817.4 billion for the next five years).

To facilitate the execution of the creative economy innovation center-related investment funds, the MSIP plans to continue holding demo days by the end of the year to introduce investors to regional startups and startup incubators.

The ministry will overhaul the investment system to encourage adventurous investment. It will strengthen ties with public investors, including the Korea Science & Technology Holdings and Mirae Holdings, and promote the projects to support private investment-related research and development funds.

sisyphe@yna.co.kr

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