SEOUL, June 9 (Korea Bizwire) – South Korean venture firms on Friday welcomed the government’s plans to establish a new ministry supporting small and medium-size startups, expressing hope that the new entity will concentrate on technology and growth potential rather than sales and financial stability in rendering assistance. During the election campaign, President Moon Jae-in [...]
SEOUL, Feb. 17 (Korea Bizwire) – South Korea on Friday announced a plan to nurture 100 ‘star’ venture firms in the science and technology sectors by 2020 to secure new economic growth engines. The Ministry of Science, ICT and Future Planning reported a set of measures to Acting President and Prime Minister Hwang Kyo-ahn to [...]
SEOUL, Jan. 18 (Korea Bizwire) – South Korea will establish a 3.5 trillion won (US$2.9 billion) fund to nurture startups and venture firms in the science and technology sectors to secure new growth engines, the science ministry said Wednesday. Under the comprehensive plan announced by the Ministry of Science, ICT and Future Planning, the fund [...]
LAS VEGAS, Jan. 6 (Korea Bizwire) – Samsung NEXT (formerly Samsung Global Innovation Center) today announced at CES the creation of the Samsung NEXT Fund, a $150 million venture capital investment fund, to increase Samsung’s global support of early stage startups pursuing advanced software and services innovation. The Fund enables Samsung NEXT to build upon [...]
SEOUL, Dec. 22 (Korea Bizwire) – Exports by South Korea’s venture firms jumped over 21 percent from a year earlier last month, a local trade organization said Thursday, marking the first double-digit growth in over a year and possibly heralding an imminent improvement in the country’s overall exports. According to the Korea International Trade Association [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Korea’s top Internet portal operator Naver Corp. said Monday that it will join hands with venture capital firms to launch an investment fund worth 50 billion won (US$42.7 million) to nurture the growth of local content services. Naver will invest 40 billion won into the so-called “SB Next [...]
SEOUL, Sept. 29 (Korea Bizwire) – Naver Corp., South Korea’s largest Internet portal, and its mobile messaging affiliate Line Corp. said Thursday they will invest 100 million euros (US$112.2 million) into a French venture fund set up by France’s first South Korean-born minister, Fleur Pellerin. Naver and Line will invest 50 million euros each into [...]
SEOUL, Aug. 17 (Korea Bizwire) – The final stages of the 2016 K-Startup Grand Challenge took place Wednesday at the Pangyo Startup Campus in Seongnam, with international experts and businessmen and women from various fields ranging from artificial intelligence and virtual reality technology to UAVs and videogames in attendance. A total of 2,439 teams from [...]
SEOUL, April 19 (Korea Bizwire) – In a dramatic turn, the South Korean government has decided to offer assistance to more promising and competitive startups as part of its venture support programs. Previously, the government focused on expanding the pool of startup companies, putting more energy into fostering entrepreneurship and venture startups, and choosing a [...]
SEOUL, March 2 (Korea Bizwire) – South Korean star agency Yedang Entertainment on Wednesday said it will launch a joint venture company with the son of a Chinese properties magnate. Yedang Entertainment, a small label that signed K-pop girl group EXID, has recently changed its corporate name to “Banana Culture,” calling the move a first [...]