Saneun to Invest 100 Billion KRW Over 5 Years in Science and Technology Startups

San-eun Signs MOU with National Science and Technology Research Council and Research and Development Special Zone Promotion Foundation
Fostering National Strategic Technology Startups, Contributing to Becoming a Top 5 Global Technology Power by 2027
Creating a Science and Technology Innovation Ecosystem

(From left) Kang Byeomsam, Chairman of the Research and Development Special Zone Promotion Foundation; Kang Seokhun, President of Korea Development Bank; Kim Bokcheol, Chairman of the National Research Council of Science and Technology

[Asia Economy Reporter Song Hwajeong] The Korea Development Bank (KDB) will invest 100 billion KRW by 2027 to foster future advanced technology startups.

On the 17th, KDB announced that it signed a "Business Agreement for the Promotion of National Science and Technology Startups" with the National Science and Technology Council (NST) and the Research and Development Special Zone Promotion Foundation (hereinafter referred to as the Special Zone Foundation).

The signing ceremony was held at the Special Zone Foundation headquarters in Daejeon, attended by Kang Seok-hoon, Chairman of KDB, Kim Bok-cheol, Chairman of NST, and Kang Byung-sam, Chairman of the Special Zone Foundation. This agreement is significant in that the three organizations will jointly support tech startups commercializing innovative science and technology, contributing to the discovery of national future growth engines while creating a region-based innovation ecosystem.

KDB plans to invest more than 100 billion KRW over the next five years targeting startups and technology transfer companies from NST-affiliated government-funded research institutes (GRIs), research institute companies and special zone resident companies nurtured and managed by the Special Zone Foundation. Additionally, each organization will utilize its own corporate support programs to provide various non-financial support such as startup incubation, investment attraction, global expansion, technology advancement, and business diversification.

Taking this business agreement as an opportunity, KDB plans to further expand venture investments in national science and technology research achievements and diversify and sophisticate non-financial support measures for startups through institutional collaboration. Chairman Kang Seok-hoon said, "If the experience of NST and the Special Zone Foundation, which have led half a century of Korea’s science and technology research and technology commercialization, is combined with KDB’s venture investment capabilities and venture platform, it will greatly contribute to creating an innovation ecosystem based on science and technology." He added, "Through this agreement, we will actively discover tech startups that will lead the global technology hegemony competition and promote the creation of new industries based in local regions, thereby contributing to regional economic revitalization."

NST and the Special Zone Foundation play pivotal roles in Korea’s science and technology research and development and technology commercialization. NST supports and nurtures 25 government-funded research institutes in the science and technology field, which are key players in national strategic technology development. The Special Zone Foundation, a public technology commercialization specialized institution, is responsible for fostering regional technology companies including 1,485 research institute companies and 229 advanced technology companies across five special zones nationwide and 14 small-scale special zones, including the Daejeon Special Zone, which will celebrate its 50th anniversary next year.