Korea-U.S. Startup Summit Held in New York

The Ministry of SMEs and Startups hosted the Korea-U.S. Startup Summit in New York on Sept. 20 and 21. There, the ministry, RPS Ventures, Millennium Technology Value Partners and Applied Ventures agreed to raise a startup fund together.

The 280 billion won fund is to help South Korean startups enter overseas markets. The Korea Venture Investment Corp. will invest US$30 million in the fund to be raised this year.

At the summit, the ministry also discussed South Korean startup support with Google and Oracle. Minister Lee Young met with Google vice president Karan Bhatia and Oracle senior vice president Dave Rosenberg to have talks on the issue.