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<Startups as the Solution for Job Creation and Economic Revitalization> (February 17 2017)

- The 2nd Ministerial Meeting on the Economy hosted by Acting President Hwang Kyo-ahn

On 17 February, the 2nd Ministerial Meeting on the Economy in 2017 was held, presided by Acting President Hwang Kyo-ahn in Government Complex Seoul. In the meeting, the ways to create a startup boom for the first half of 2017 and strengthen tailored support for startup’s global advancement have been finalized.

<How to create a startup boom for the first half of 2017>

Startup boom will be expanded so that every Korean citizen including young people can try starting a new business through hosting startup competitions and contests, solidifying startup success stories and investment as well as commercialization support.

Startup and innovation festival consisting of various startup events such as investment conventions, startup competitions and conferences will be held at the end of February (February 28).

Startup contests which were supposed to be held in 20 ministries and local governments individually are now being held together by incorporating various fields, more than once every week, 50 times in total in the first half of 2017 to maintain the startup and entrepreneurial fever.

In particular, success stories of startup will be spread through various channels including public TV, social media and one-person broadcast platform. Investment competitions such as K-Startup parade and future growth engine demo day will be held.

<How to strengthen tailored support for startup’s global advancement>

Global advancement of promising startups and ventures will be supported and 100 global star ventures will be incubated by 2020. Systematic support will be provided which are preparations for startup’s global advancement, localization and growth & expansion. Furthermore, customized support will be provided such as attracting early investment and pioneering new markets.

Supporting committees for startup hubs will be set up overseas like Korea Innovation Center (KIC) and Korea Venture Investment Corp (KVIC) etc. starting from Silicon Valley. Comprehensive and region-specific support services will be provided including investment attraction, promotion and legal consulting.

-Point of Contact: Deputy Director Kim Taegyu of Creative Economy Planning Division [+82.2.2110.2062, taegyukim@korea.kr]

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