Private, Public Organizations to Raise 40 Billion Won to Foster 1,400 Starups

The Small and Medium Business Administration (SMBA) and the Large & Small Business Cooperation Foundation announced on September 6 that it has started running the “Program of Coexistence Supporters for Youth Startups” this month in earnest and receiving applications from startups and venture firms who want to participate in the program.

The program, which is funded by the government and large companies on a 50:50 basis, aiming at helping startups and venture firms make profits and go global by combining the competence of the government and private organizations.

To this end, the government plans to raise 40 billion won (US$36.13 million) with private firms on a 50:50 basis and provide it to 1,400 promising startups and venture firms.

Startups and venture firms less than seven years old can apply for the program.