Korea University of Technology and Education and Sunmoon University Sign 'Tech Valley Agreement'
Yoon Gi-yong, Director of Industry-Academic Cooperation Foundation at Sunmoon University, Kim Young-chun, Director of Korea Technology Finance Corporation, and Lee Kyu-man, Director of Industry-Academic Cooperation Foundation at Korea University of Technology and Education (from left), are posing for a commemorative photo on the 4th at Korea University of Technology and Education in Cheonan, Chungnam, after signing a business agreement to establish the "University Technology Commercialization Support Platform (U-Tech Valley)."
[Asia Economy Reporter Kim Heeyoon] The Korea Technology Finance Corporation announced on the 5th that it has signed a business agreement with Korea University of Technology and Education (KOREATECH) and Sunmoon University to establish a 'University Technology Commercialization Support Platform (U-Tech Valley)'.
The signing ceremony was held the previous day at KOREATECH in Cheonan, Chungnam. The number of universities participating in the U-Tech Valley agreement has increased to a total of 70. In particular, with the agreement with KOREATECH and Sunmoon University, key universities in the central region, it is expected that the activation of startups based on excellent technologies in the central region through the Tech Valley platform will be promoted.
According to the agreement, KOREATECH and Sunmoon University will recommend outstanding startup companies within their universities to KOTEC, which will provide a guarantee limit of up to 3 billion KRW over three years to the recommended companies. In addition to financial support, comprehensive assistance including consulting and technology transfer will be provided to support the successful startups of excellent professionals.
'Tech Valley Guarantee' is a specialized guarantee support program introduced to support the commercialization of excellent technologies developed by universities and research institutes. It was selected as a major initiative in the 'Second Venture Boom Expansion Strategy' jointly announced by the government in March last year.
KOTEC is expanding the scale of guarantees and investments for Tech Valley companies every year to support the startups and scale-ups of technology companies. Until last year, a total of 460.2 billion KRW in guarantees was provided to Tech Valley companies, and this year, a total of 230 billion KRW is planned to be supported.
Kim Youngchun, director of KOTEC, said, "In the post-COVID-19 era, where rapid changes in the startup environment are expected, it is more important than ever for university professors, researchers, and other high-level talents to directly start businesses and commercialize technologies developed through research and development," adding, "KOTEC will take the lead to ensure that excellent technology companies can successfully start and grow."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
