NYU Becomes Cradle for Korean Startups... Collaboration with Ministry of SMEs and KAIST

Incubating Center Construction Project Underway
Jungjinkong Selects Companies and Provides Funding
Lee Young "Breaking Away from Department-to-Department Exchange Method"

(From left) Kwanghyung Lee, President of KAIST; Chandrika Tandon, Chair of NYU Tandon School of Engineering; Young Lee, Minister of SMEs and Startups; Andrew Hamilton, President of NYU; Hakdo Kim, Chair of Korea SMEs and Startups Agency; Linda Mills, Senior Vice President and Provost of NYU, held a meeting and took a commemorative photo at NYU on the 20th (local time).

[Asia Economy Reporter Kim Bo-kyung] KAIST is partnering with New York University to establish an incubating center in the United States for Korean startups. It is expected that domestic startups will use New York as a foothold for entering overseas markets and gain more opportunities.

On the 20th (local time), Lee Young, Minister of SMEs and Startups, held a luncheon meeting at NYU's Kimmel Center with KAIST President Lee Kwang-hyung, NYU President Andrew Hamilton, and Kim Hak-do, Chairman of the Small and Medium Business Corporation.

After the meeting, Minister Lee told reporters, "NYU is concretely proceeding with the establishment of an incubating center together with KAIST." To this end, the two institutions will officially sign a memorandum of understanding at the same location tomorrow (21st).

Minister Lee said, "With the advent of the 4th Industrial Revolution and the digital economy, starting a startup in a place where technological innovation is concentrated is an important point," adding, "NYU can be a good partner in various aspects such as technology and capital."

President Hamilton also responded, "The fact that KAIST and NYU have established a new partnership is close to a match made in heaven," and said, "Cooperation between the faculties of the two schools will increase, and more opportunities for startups will arise."

President Lee predicted that startups could receive support in various AI fields jointly researched by the two schools.

The Small and Medium Business Corporation plans to support promising domestic startups in incubating in the U.S., including company selection, funding by sector, and settling in New York.

Earlier, in July, KAIST promoted the establishment of a shared campus with NYU and decided to strengthen educational cooperation between Korea and the U.S. The shared campus is a method of sharing resources necessary for campus establishment and operation, such as facilities and personnel.

Minister Lee emphasized, "We intend to pursue a broader collaboration area, unlike the existing methods," adding, "The biggest change is the need to break away from the traditional method of exchanges only between ministries."