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Foster startups in the 4th Industrial Revolution by cooperation between government ministries and institutions

According to Yonhap News,

(SEOUL=Yonhap News) To foster promising young entrepreneurs in the fourth industrial revolution field, relevant government ministries and supervising institutions join hands.

The Ministry of Startups and SMEs announced on April 4 that 11 government ministries and 17 institutions will sign an MOU on collaboration between government ministries and relevant institutions for a preliminary startup package.

MSS will be joined by Ministry of Science and ICT (artificial intelligence), Ministry of Culture, Sports and Tourism (tourism), Ministry of Trade, Industry, and Energy (VR, AR, new materials, intelligent robot, IoT), Ministry of Health and Welfare (smart health care), Ministry of Environment (smart city), Ministry of Land, Infrastructure and Transport (smart city, self driving), Ministry of Oceans and Fisheries (new maritime materials), Financial Services Commission (FinTech), Korea Forest Service (smart farm), Korean Intellectual Property Office (big data).

17 institutions including Gwangju Institute of Science and Technology, Korea Display Industry Association will also participate.

They plan to recruit 400 young would-be entrepreneurs from April 8 to May 7.

The preliminary startup package provides young would-be entrepreneurs aged 39 or under with up to KRW 100 million. The categories open for application are classified into general, women-specific, social venture, and the fourth industrial revolution areas.

Office Head of Seok Jong-hoon of MSS's Startup and Venture Innovation Office said, "We will seek to utilize capabilities specific to each ministry and enhance cooperation to support young entrepreneurs with innovative items."

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Source Text

Source: Yonhap News (April 4, 2019)

** This article was translated from Korean.

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