Ministry of SMEs and Startups' 'Global Enterprise Collaboration Program'
The Ministry of SMEs and Startups announced on the 31st that it is recruiting startup companies to participate in the '1st Global Corporate Collaboration Program.' Global companies such as Google, Microsoft (MS), and Nvidia will participate in the program. [Photo by Asia Economy DB]
[Asia Economy Reporter Junhyung Lee] The Ministry of SMEs and Startups is partnering with global companies to foster ICT startup companies.
On the 31st, the Ministry announced that it will recruit 140 startups to participate in the '1st Global Corporate Collaboration Program.' The application period is from the 12th to the 30th of next month.
The Global Corporate Collaboration Program is a startup support program where the government and global companies collaborate to support the growth of startups and provide opportunities to enter overseas markets. The Ministry started this program in 2019 with the global company 'Google Play' through the 'Changgu Program' to nurture startups in the mobile app sector. Last year, the program expanded by collaborating with five global companies including Microsoft (MS).
From this year, the Ministry will recruit participating companies in two rounds for the collaboration program. The 1st program consists of three programs: ▲Changgu Program (Google Play), ▲N-Up Program (NVIDIA), and ▲Majung Program (MS). A total of 140 startups will be selected and supported in this first recruitment.
The Changgu Program supports the growth of startups in the mobile service sector by providing marketing for sales expansion and overseas market entry, growth support seminars, one-on-one technology management consulting, and demo day events. The N-Up Program fosters startups in the artificial intelligence (AI) sector by providing technical education and consulting, cloud service usage, and participation in NVIDIA global events. The Majung Program nurtures startups in the cloud sector by offering online and offline technical education and consulting, use of MS cloud service Azure, and opportunities to connect with venture capital (VC) networks.
Companies wishing to participate can apply by selecting the field they want to collaborate in among the three programs. Selected companies can receive up to 300 million KRW in commercialization funds from the Ministry. They will also receive growth support packages utilizing global corporate infrastructure such as market development, investment attraction, education, and consulting.
From this year, the Ministry unified the eligibility for startups to within 7 years of establishment to allow more companies to apply for the program. Last year, eligibility was limited to startups in the initial or leap stages.
The Ministry plans to provide information on additional collaborating global companies and support scale through a second recruitment announcement later.
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