KIST Audition-Style Startup School 'Munjeonseongsi'... A Total of 122 Teams Applied

"Comprehensive Support from Startup to Investment Attraction"

▲KIST

[Asia Economy Reporter Kim Bong-su] The Korea Institute of Science and Technology (KIST) announced on the 11th that a total of 122 teams applied for the cluster-based startup program GRaND-K (Startup School), launched in collaboration with the Hongneung Small Giant Special Zone Project Group.

Hongneung, designated as Seoul's first Small Giant Research and Development Special Zone, aims to become a Korean version of London Tech City and the Boston Bio Cluster. Since the end of last year, the institute has been preparing a unique startup school program for Hongneung and accepted applications from April 19 to the 7th of this month.

The Startup School provides common entrepreneurship education to prospective entrepreneurs or early-stage startups (within three years) in the Hongneung area, followed by an audition-style startup competition. During the competition, investment institutions participate as judges and evaluate technology, marketability, and innovation through four rounds of contests. Based on the unique strengths and specialized fields of each investment institution, the program also supports the enhancement of entrepreneurial capabilities through internship programs and consulting.

To ensure the successful operation of the startup competition and investment attraction, KIST signed investment agreements with 11 investment institutions last month. For startup teams that successfully complete the program, support will be provided to connect them to startup establishment and investment attraction. After the document screening of the 122 applicant teams, common education and competition schedules will proceed sequentially.

Yoon Seok-jin, President of KIST, said, "We were surprised by the much larger number of startup teams applying than initially expected, which reflects the high public interest in entrepreneurship. Through the Startup School, with organic support among key technology institutions in the Hongneung area such as KIST, Kyung Hee University, and Korea University, we will activate technology startups and spare no effort to help Hongneung, once a cradle of Korea's science and technology, establish itself as a mecca of technology startups, boosting sales growth and job creation."