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Gov’t Chooses Site for “Korean Silicon Valley”

Gov’t Chooses Site for “Korean Silicon Valley”

INCHEON, Jul. 12 (Korea Bizwire) — The Korean version of Silicon Valley will be created in Incheon. The Ministry of SMEs and Startups said Thursday that Tomorrow City complex in Incheon’s Songdo District, has been selected as the result of a public offering by local governments nationwide. To this end, the “2019 Start-up Park Creation [...]

Hyundai Card Launches Program to Help Startups Go Abroad

Hyundai Card Launches Program to Help Startups Go Abroad

SEOUL, Jul. 2 (Korea Bizwire) — Hyundai Card, South Korea’s leading credit card service provider, has set up a new partnership with global networking company Techstars to help startup businesses here go abroad, the company said Tuesday. “With this partnership, Hyundai Card will offer a support program to enter the global market for the members [...]

Seoul City Offers Subways, Roads as Testbeds for Innovative Technology

Seoul City Offers Subways, Roads as Testbeds for Innovative Technology

SEOUL, May 28 (Korea Bizwire) — The Seoul Metropolitan Government (SMG) announced on Monday that it will invest 150 billion won (US$126 million) until 2023 to support innovative businesses. The city will kick off the project this year by investing 10 billion won to test various technologies developed by 50 companies. Participating companies will be [...]

Number of Employees of Venture Businesses Exceeds Top 5 Conglomerates in S. Korea

Number of Employees of Venture Businesses Exceeds Top 5 Conglomerates in S. Korea

SEOUL, Dec. 28 (Korea Bizwire) — As of 2017, 762,000 South Koreans worked for venture businesses, which was more than the 750,600 employees working for Samsung and the four other largest conglomerates in South Korea. The Ministry of SMEs and Startups and the Korea Venture Business Association revealed that the average number of employees at [...]

Carpool App Poolus to Share 10 pct of Profits with Users

Carpool App Poolus to Share 10 pct of Profits with Users

SEOUL, Nov. 27 (Korea Bizwire) — Poolus, a new carpool startup, has announced a plan to share its profits with its customers. According to the plan, Poolus will distribute “pool points” to users of its service, which can either be cashed in or exchanged for shares in the company. In addition, AI technology will be [...]

Ruling Party Raises Need to Adopt Dual-class Share System for Venture Firms

Ruling Party Raises Need to Adopt Dual-class Share System for Venture Firms

SEOUL, Oct. 11 (Korea Bizwire) — The ruling Democratic Party (DP) on Thursday raised the need to introduce a dual-class share system for venture companies in a bid to help them secure funds while defending their managerial rights. As a key management defense tool, the dual-class share system allows major shareholders to exercise multiple voting [...]

S. Korean Startup Launches Beta Version of Ride-hailing Service

S. Korean Startup Launches Beta Version of Ride-hailing Service

SEOUL, Oct. 8 (Korea Bizwire) — South Korean mobility startup VCNC said Monday it has launched a new ride-hailing service in Seoul and an adjacent city with 11-seat vans in a move to get around a local transportation law. VCNC said hundreds of its passenger vans offer a service called Tada in Seoul and Incheon, [...]