Ministry of SMEs and Startups Calls for In-House Venture Companies... Up to 100 Million KRW Commercialization Funding Support

[Asia Economy Reporter Kim Bo-kyung] The Ministry of SMEs and Startups is recruiting 'Corporate Venture Incubation Program Operating Companies' from the 24th of this month until the 21st of next month to promote entrepreneurship through corporate ventures.

In the first half of the year, six operating companies including Kyobo Life Insurance and Barunson were selected, and about 15 more companies will be additionally selected through this recruitment.

The Corporate Venture Incubation Program was established in 2018 to support the successful commercialization of corporate venture teams and spin-off startup companies. So far, 107 operating companies and 499 corporate venture teams (spin-off companies) have been supported.

This recruitment for operating companies is open to large corporations, mid-sized and small enterprises, and public enterprises that meet overall requirements necessary for supporting corporate ventures, such as ▲corporate venture operation regulations ▲support departments (personnel) ▲win-win cooperation program operation.

The selected operating companies will be responsible for discovering corporate venture teams and spin-off startup companies on their own through internal capabilities and recommending them as candidates for support under the Corporate Venture Incubation Program.

Subsequently, the Ministry of SMEs and Startups will evaluate and select the corporate venture teams (spin-off companies) recommended by the operating companies and provide up to 100 million KRW in commercialization funds, as well as follow-up commercialization support such as accelerator matching.

Companies wishing to participate as operating companies can apply online through the K-Startup Startup Support Portal by 5 p.m. on the 21st of next month.