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Global Blockchain Startups Head to S. Korea

Global Blockchain Startups Head to S. Korea

SEOUL, May 13 (Korea Bizwire) — A string of global blockchain companies have recently entered South Korea to start their business, including startup Steemit Inc., industry sources said Sunday. The U.S.-based Steemit — founded by Ned Scott in 2016 — is a social networking website that uses its own blockchain-based rewards platform for publishers. The [...]

Social Enterprise Upcycles Leather from Car Seats into Quality Bags

Social Enterprise Upcycles Leather from Car Seats into Quality Bags

SEOUL, May 3 (Korea Bizwire) — When studying in Britain in 2010, Choi Ian was shocked one morning to find his old yet beloved Rover Mini parked on the street and crushed so heavily in both the front and rear that repairs made no sense. The insurance firm offered money in exchange for scrapping the [...]

LG Acquires Shares in S. Korean AI Startup Acryl

LG Acquires Shares in S. Korean AI Startup Acryl

SEOUL, May 2 (Korea Bizwire) — LG Electronics Inc. said Wednesday that it has invested 1 billion won (US$934,000) in the South Korean startup Acryl, which specializes in the development of artificial intelligence technologies. Under the deal, LG acquired a 10 percent stake, or 336,000 shares in the venture firm. Established in 2011, Acryl focuses [...]

Gov’t to Extend Exemption on Public Charges for Manufacturing Startups

Gov’t to Extend Exemption on Public Charges for Manufacturing Startups

SEOUL, Feb. 26 (Korea Bizwire) — The government said Saturday that it will extend exemptions on various charges for manufacturing startups, translating into sizable benefits going forward. The Ministry of SMEs and Startups said the recent passage of the small and medium enterprise (SME) support plan through parliament will permit newly founded companies to be [...]

S. Koreans Interested in Starting Own Biz, Earnings Top Consideration: Poll

S. Koreans Interested in Starting Own Biz, Earnings Top Consideration: Poll

SEOUL, Jan. 29 (Korea Bizwire) — A large number of South Koreans are interested in starting their own businesses and earnings are their top consideration, a poll conducted by a public start-up support foundation showed Sunday. The latest findings from the Korea Institute of Startup & Entrepreneurship Development (KISED) revealed that 53.5 percent of the [...]

Crowdfunding in S. Korea in 2017 Jumps About 60 pct

Crowdfunding in S. Korea in 2017 Jumps About 60 pct

SEOUL, Jan. 24 (Korea Bizwire) — The amount of crowdfunding in South Korea soared about 60 percent last year, data showed Wednesday, signaling the platform grew as an effective financing option for startups. According to the data by the Financial Services Commission (FSC), 183 companies raised a combined 27.8 billion won (US$25.9 million) last year, [...]

Gov’t to Launch 2.6 tln-won Investment Fund for Startups This Year

Gov’t to Launch 2.6 tln-won Investment Fund for Startups This Year

SEJONG, Jan. 17 (Korea Bizwire) — The government will launch a 2.6 trillion-won (US$2.45 billion) investment fund for startups this year, the first portion of a proposed 10 trillion-won investment fund that is to be created by 2020, the finance ministry said Wednesday. Earlier, the government said it will allocate 30 trillion won over the [...]

Gov’t to Set Up 1 tln Won Fund for Restructuring of SMEs

Gov’t to Set Up 1 tln Won Fund for Restructuring of SMEs

SEOUL, Dec. 18 (Korea Bizwire) — The government will set up a 1 trillion-won (US$918 million) fund to restructure struggling small and medium-sized enterprises (SMEs) as part of its drive for “market-oriented” corporate restructuring, officials said Monday. Under the scheme, eight state-run and retail banks, including Korea Development Bank, will raise 500 billion won by [...]