Universities and colleges play a key role in driving innovation and fostering entrepreneurship. Earlier today, UNIST partook in a major new initiative to support Korea’s innovative entrepreneurs.
The official launch ceremony for the Ulsan-based Program of Coexistence Supporters for Youth Startups took place at UNIST. The program, which is jointly funded by Korea East West Power Corporation (EWP), Ulsan Metropolitan City, and small and medium-sized enterprises will provide new collaborative workspaces for students, entrepreneurs and startup companies to support them in developing commercial ideas.
Organized by EWP, the ceremony was attended by several governmental officials, including President Yong Jin Kim of EWP, Mayor Gi-Hyeon Kim of Ulsan, Chairman Choong Yong Ahn of the Korea Commission for Corporate Partnership, President Mooyoung Jung of UNIST, President Chang-Ryong Kim of Ulsan Technopark (UTP), as well as key officers from 36 startups and venture companies.
A total of 36 companies were selected to participate in this program and 25 out of that 36 companies are successful exporters. By strengthening these promising export companies, the program aims at helping startups and venture firms make profits and go global by combining the competence of the government and private organizations.
The Korea East West Power Corporation plans to contribute three billion won ($2.2 million) by September 2019. The EWP contribution will also be used to help these primising companies to network with each other, showcase to potential investors and grow their businesses.
Under the umbrella of this program, UNIST will continue to create more opportunities for early-stage companies and help them prosper alongside conglomerates.