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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, [...]

New Policy Mandates Harsh Penalties for Technology Theft from SMEs

New Policy Mandates Harsh Penalties for Technology Theft from SMEs

SEOUL, Sept. 6 (Korea Bizwire) — A new measure that would punish large corporations or public institutions for stealing technology owned by small and mid-sized companies is being pushed forth by the government. According to the proposed policy, organizations would have to pay 10 times the estimated value of the technology if found to have [...]

Gov’t Launches New Fund to Invest in Startups

Gov’t Launches New Fund to Invest in Startups

SEOUL, Sept. 3 (Korea Bizwire) — The government on Monday launched a 3 trillion-won (US$2.7 billion) fund to invest in promising startups as it seeks to promote innovation-led economic growth. The government has unveiled a set of support measures to boost innovative growth by providing funding and other incentives to eight key sectors, such as [...]

Hearing Impaired Drivers to Offer Taxi Services in Seoul

Hearing Impaired Drivers to Offer Taxi Services in Seoul

SEOUL, Aug. 13 (Korea Bizwire) — A new smartphone application known as “Goyohan Taxi” created by a group of college students will allow those who are hearing impaired to drive taxis in Seoul. The application was created by a social venture called Coactus, led by Song Min-pyo, a senior at Dongguk University’s computer engineering department. [...]

Gov’t Promises to Help Finance Smart Factory Clusters

Gov’t Promises to Help Finance Smart Factory Clusters

SEOUL, Aug. 6 (Korea Bizwire) — Companies that share similar production processes will be able to finance high-quality “smart” factories cost-effectively by coming together in clusters of five or more. The Ministry of SMEs and Startups revealed yesterday that it would be partially funding the establishment of factories that would benefit companies through economies of [...]

Ministry to Implement Payment System for Small Businesses

Ministry to Implement Payment System for Small Businesses

SEOUL, Jun. 7 (Korea Bizwire) — A new payment system will be implemented aimed at addressing one of the top difficulties small businesses face, payment processing charges. Hong Jong-hak, the minister of SMEs and Startups, stated at a gathering relating to the issue today that an innovative payment system is needed to relieve small businesses [...]

Samsung’s Creative Lab Supports Three More Startups

Samsung’s Creative Lab Supports Three More Startups

SEOUL, Jun. 7 (Korea Bizwire) — Samsung Electronics revealed yesterday that it had selected three startups developed internally and discovered through “Creative Lab,” a program developed to nurture internal startups. With the three additional startups, the total number of startups supported by Samsung’s Creative Lab totals 34. The newly selected startups are Agwart, Catch Flow [...]