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MSIT to launch ‘ICT Growth Program’, designed to help high-potential ventures grow into unicorns
Ministry of Science and ICT (MSIT) announced the launch of ‘ICT growth program’ on Feb. 13, aiming to give support and speed up the growth of promising high-tech firms. To make the program a full out accelerator, MSIT signed a memorandum of understanding with four main institutions: Korea Credit Guarantee Fund, Korea Telecommunications Operators Association, Seoul Guarantee Insurance and Born2Global.
This ICT growth program, driven largely by the science ministry, outlines steps to source private-public funds and to form an ecosystem, through which capable startups get enough administrative and financial supports. Starting from this year, roughly 15 VC forms, which grows to 50 until the year 2025, will be selected annually to be given the service.
A full package of supportive policies will be provided for the selectees up to three years. The coverage includes a capital guarantee fund for a quick way to get cash, new market entry planning, performance guarantee insurance along with FDI promotion strategies.
Those who are competent enough to run business on the global stage and have been funded over KRW 2 billion by domestic or foreign investors within three years since the incorporation of the business or who’ve raised annual sales over 10 percent on average over the past three years can apply for the program. An official at the MSIT said “Hope that the program can be a real simulator, helping startups with full potential can scale up to compete with global rivals and grow into giant unicorns. To make the mission completed, we’ll push on the strategic supports through private-public partnership.”
jesus7864@yna.co.kr*This article was translated from Korean.
Date
2020.02.25
According to Yonhap News,
Seoul=Yonhap News) by Lee Han seung
This ICT growth program, driven largely by the science ministry, outlines steps to source private-public funds and to form an ecosystem, through which capable startups get enough administrative and financial supports. Starting from this year, roughly 15 VC forms, which grows to 50 until the year 2025, will be selected annually to be given the service.
A full package of supportive policies will be provided for the selectees up to three years. The coverage includes a capital guarantee fund for a quick way to get cash, new market entry planning, performance guarantee insurance along with FDI promotion strategies.
Those who are competent enough to run business on the global stage and have been funded over KRW 2 billion by domestic or foreign investors within three years since the incorporation of the business or who’ve raised annual sales over 10 percent on average over the past three years can apply for the program. An official at the MSIT said “Hope that the program can be a real simulator, helping startups with full potential can scale up to compete with global rivals and grow into giant unicorns. To make the mission completed, we’ll push on the strategic supports through private-public partnership.”
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jesus7864@yna.co.kr
Source: Yonhap News (Feb. 13 , 2020)