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Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]

S. Korea Calls for Strengthened Technology Cooperation with Israel

S. Korea Calls for Strengthened Technology Cooperation with Israel

SEOUL, Apr. 10 (Korea Bizwire) — South Korea’s vice trade minister called for strengthened cooperation in technology with Israel Sunday to cope with the technology-driven fourth industrial revolution, the ministry said. Speaking to a forum in Tel Aviv, Jeong Marn-ki said South Korea and Israel can create synergy by combining Israel’s technological prowess and startup [...]

SK Telecom, Facebook to Launch Start-Up Incubator for Telecom Equipment

SK Telecom, Facebook to Launch Start-Up Incubator for Telecom Equipment

  SEOUL, Nov. 3 (Korea Bizwire) — SK Telecom Co., South Korea’s top mobile carrier, and Facebook Inc. will set up a start-up incubator in South Korea early next year to encourage people to launch start-ups for telecom equipment, company officials said Thursday. Details of the planned incubator, which will be established during the first [...]

Google Chief Stresses Importance of Deregulation

Google Chief Stresses Importance of Deregulation

SEOUL, Oct. 30 (Korea Bizwire) — Eric Schmidt, executive chairman of Alphabet Inc., the holding company of Google Inc., said Friday that flexible regulations will help South Korea amid the protracted economic slowdown.    “I know that your country is seeing an economic slowdown. My recommendation would be to adopt more flexible regulations to unleash the [...]

LG Uplus, Qualcomm to Support S. Korean Startups

LG Uplus, Qualcomm to Support S. Korean Startups

SEOUL, Sept. 9 (Korea Bizwire) — South Korea’s No. 3 mobile carrier, LG Uplus Corp., said Wednesday it would work together with U.S. tech giant Qualcomm Inc. to support local startups, especially for those with business projects related to the Internet of Things (IoT) industry. Under the move, LG Uplus and Qualcomm will chip in [...]

Students Volunteer between Classes to Earn Meal Plans for Needy Students

Students Volunteer between Classes to Earn Meal Plans for Needy Students

SEOUL, Jul. 7 (Korea Bizwire) — University students from seven universities in Korea are increasingly volunteering to work as part-timers between classes at various nearby workplaces to receive university meal plan tickets as wages, and donate them to students who are having financial difficulties. The volunteering is part of a venture-project that started at Hanyang [...]

Eco Laundry Detergent Receives US$ 60,000 in Funding through Kickstarter and Indiegogo

Eco Laundry Detergent Receives US$ 60,000 in Funding through Kickstarter and Indiegogo

SEOUL, May 14 (Korea Bizwire) — A laundry detergent that cleans clothes with micro bubbles and a small amount of surfactant has attracted US$ 60,000 in funding through two international crowdfunding sites, Kickstarter and Indiegogo. JnK Science, the company behind the new type of detergent called SMACLE, said that it took in US$ 47,560 through [...]

S. Korea to Use Big Data for Business Opportunities

S. Korea to Use Big Data for Business Opportunities

SEOUL, May 11 (Korea Bizwire) — South Korean President Park Geun-hye announced a plan Monday to take advantage of big data to create new business opportunities as she launched a new innovation center. “Big data is a new capital of the creative economy,” Park said in the opening ceremony of the latest innovation center in [...]

Regulator Set to Allow Banks to Fund Fintech Firms

Regulator Set to Allow Banks to Fund Fintech Firms

SEOUL, May 6 (Korea Bizwire) — South Korea’s top financial regulator said Wednesday that it will pave the way for local banks to invest in financial technology firms as part of its efforts to boost the integration of the two industries. According to current financial laws, financial institutions are allowed to buy stakes in or [...]