This photo provided by LG Corp. shows LG Science Park, the research and development hub of LG Group, in Seoul.
SEOUL, June 10 (Korea Bizwire) — South Korean conglomerate LG Group on Thursday inaugurated its startup support platform Super Start and unveiled a plan to foster 300 promising startups over the next three years by investing a total of 150 billion won (US$118 million).
Super Start will serve as a bridge connecting promising startups with LG affiliates, venture capitalists, accelerators, public institutions and universities.
Along with the inauguration of Super Start, LG intends to strengthen proof of concept verification, the most desired program by young entrepreneurs.
LG established an exclusive space for proof of concept verification at LG Science Park in western Seoul, where R&D units of its eight subsidiaries are gathered, and plans to provide financial support of more than 10 billion won per year.
The company also plans to provide a commercialization support fund of up to 100 million won by selecting promising startups in their initial stages, as well as advisory service on legal affairs, purchases, finance and HR through an advisory team called Super Start Crew that consists of its employees.
LG plans to host a promising startup exploration and cultivation event dubbed Super Start Day in the latter half of this year and will attract the participation of startups through public invitation.
J. S. Shin (js_shin@koreabizwire.com)
