SEOUL, Aug. 18 (Korea Bizwire) – In Pangyo, a southern suburb of Seoul that is sometimes called the Korean Silicon Valley, a famous Israeli venture capital firm will open a startup support center to help Korean startups tap into global markets.
According to the Ministry of Science, ICT and Future Planning, Yozma Group, the Israeli operator of global tech venture capital funds, will set up the Yozma Startup Campus by the end of this year. The Yozma center will focus on fostering startups from the biotech and health care industries.
On August 18, ICT Minister Choi Yang-hee and Yozma Group Chairman Yigal Erlich met in Seoul, and discussed how to run the center to support Korean startups. According to the ministry, startups will also have opportunities to expand their business networks through infrastructure held by Yozma.
To support Yozma’s activities, the ministry will try to attract institutions related to investment, incubation and consultancy to support their global advancement at the Pangyo Creative Economy Center, which will house the Yozma campus.
Minister Choi said, “I hope the Yozma Group contributes to fostering promising Korean startups and helps them tap into the global market with its expertise and networks.”
Chairman Erlich said, “The Yozma startup campus will try its best to form Korean startup ecology with a long-term view. We will actively cooperate to make synergy effects through our startup campus in Pangyo.”
By John Choi (firstname.lastname@example.org)