Korea extends startup support to the market

South Korea is widening public support for promising technology and startups.

All four science and technology institutes have launched startup centres, extending programmes that had centred on campus entrepreneurs to prospective founders across their regions. A 39.8 billion won ($28.1 million) supplementary budget expanded the network. A programme will support 42 companies through November with global capacity education, strategy, proof-of-concept work and investor pitching. The four institutes are due to select 10 top teams in their startup league after rounds in Aug. and Sept. Winners will receive prize money and a global venture capital-led acceleration programme.

On Aug. 7, the Ministry of Climate, Energy and Environment announced the launch of Korea Electric Power Technology Holdings, a wholly owned technology-commercialisation subsidiary of Korea Electric Power Corporation. The unit will link more than 8,000 utility patents and public technologies with prospective founders and energy innovators through licensing, equity investment and joint ventures. It plans direct investment, a scale-up fund, and use of the utility's infrastructure and data for demonstrations, follow-on finance, sales channels and overseas joint entry. Minister Kim Seong-hwan said it should be "a growth platform" connecting public technology to markets.

The Ministry of SMEs and Startups will recruit about 80 startups from Aug. 6 to Aug. 26, offering up to 200 million won ($140,964) each for commercialisation. Support can include market tests, pilots, direct investment and purchase-contract links.

The Ministry of Food and Drug Safety said six drugs and 42 medical devices reached approvals or certifications, while another 58 drugs and four devices entered clinical trials. Roughly 62 percent advanced by at least one development stage.