"Chairman Lee Soo-young Donates 67.6 Billion KRW to KAIST, Urging for Korean Nobel Science Laureates"

The Highest Funding Amount Since KAIST Establishment
Using Nobel Prize Research Funds Through Singularity Professor Support

Lee Soo-young, Chairman of Kwangwon Business (right), and Shin Sung-chul, President of the Korea Advanced Institute of Science and Technology (KAIST), are posing for a commemorative photo. (Provided by KAIST)

[Asia Economy Reporter Hyunju Lee] Lee Sooyoung, chairman of Gwangwon Industry, donated approximately 67.6 billion KRW to the Korea Advanced Institute of Science and Technology (KAIST) to produce Korean Nobel Prize winners in science.

KAIST announced on the 24th that it held a donation agreement ceremony on the afternoon of the 23rd and decided to establish the "Lee Sooyoung Science Education Foundation."

The proceeds from the Lee Sooyoung Science Education Foundation will be used as a Nobel Prize research fund by supporting KAIST Singularity Professors. The Singularity system selects and supports professors who can change the paradigm of scientific knowledge or pioneer new fields, as well as professors who can solve humanity's challenges and establish original scientific knowledge and theories. Professors selected as Singularity Professors receive research funding during their 10-year appointment period, and annual performance evaluations focused on papers and patents are deferred. At the end of the appointment period, the support period can be extended up to an additional 10 years based on evaluations of research progress and acquisition of unique technical capabilities.

In 2012, he bequeathed real estate in the United States worth about 8 billion KRW, and in 2016, U.S. real estate worth about 1 billion KRW. This is the third donation, bringing the total donation amount to 76.6 billion KRW, the highest since KAIST was founded.

Chairman Lee said, "I am glad to be able to share what I have for the future of our country," and added, "I hope more people who have the will to support the future of the Republic of Korea and the nation will participate in promoting a culture of donation."