SEOUL, May 21 (Korea Bizwire) — POSCO Co., South Korea’s largest steelmaker, said Tuesday it will invest 1 trillion won (US$838 million) to foster startups in the country.
POSCO said it will create an industrial complex for startups, as well as a fund to support promising firms in association with the Ministry of SMEs and Startups and the Korean Venture Capital Association.
“We aim to establish a platform to improve the environment for startups,” the company said.
POSCO said it will spend 200 billion won by 2022 to build a data center and other related infrastructure for startups in cities like Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, where its plants are located. It will also invest in the Pohang University of Science and Technology (POSTECH) to provide better programs for future talents.
POSCO said it wants the complex to be a research and development hub for its future projects in materials, bio and smart factory businesses.
For the fund, POSCO said it will provide seed money of 800 billion won and will try to attract 1.2 trillion won from other investors by 2024.
POSCO said it will help selected startups with its global resources, from legal services to its marketing network.