Ministry of Science and ICT convenes startup center leaders

South Korea's Ministry of Science and ICT convened leaders of entrepreneurship centers at four science and technology institutes on Aug. 5 to extend deep-tech startup support beyond campuses into surrounding regional economies.

In April, a supplementary budget expanded the four institutes' deep-tech startup-support budget to 39.8 billion won, establishing centers at three additional institutes after KAIST had operated the only such organization.

The four institutes have produced about 790 startup companies over the past five years, though funding limits had largely confined support to on-campus entrepreneurs.

From September, students' startup-related leaves of absence will no longer be limited, subject to university president approval, while faculty may take startup leave of up to seven years. Kim Seong-su, head of the ministry's research and development policy office, said, "It is time for the four institutes to move beyond university boundaries and become regional deep-tech startup hubs."