GIST selected as best by Business Incubator center assessment of Small and Medium Business Administration

Achievement on the eight consecutive years based on consistent support.

Business Incubatorcenter under GIST(Gwangju Institute of Science and Technology, president Jung-Ho SONU)got the best status (S class) as business incubator center for the eight successive years given by Small and Medium Business Administration. This achievement shows that GIST not only excels in producing remarkable researchactivities but also focuses on supporting and spreading researches such as support for venture companies.

GIST Business Incubator center led by Kim Hong-Kook, a professor in the Department of Information and Communications, held a business information session for Nanomax in order to attractinvestors. In the session, the center focused on luring practical investment by selecting and inviting local SMEs which are small (nano) in size but huge (max) in technology capability and other investors.

In addition, it provided an opportunity to GIST experts and industries to meet face-to-face through industry-academic cooperative workshop. The center designated mentors to address troubling technology and develop convergence technology.

Thanks to this kind of support, the total revenues and the number of the employed in companies located in the area reachedabout 1.2billion won and 205 respectively last year. Also it created jobs worth 107 new employees. Jewoo Tech CO.LTD, for instance, saw their revenues increase a whopping 800 million won compared to a year earlier thanks to technology development.

The head of the center, Kim Hong-Kook, said that there must be a system that can directly provide support such as fund for technology development and new business financing in order to develop leading venture companies and support would-be potential entrepreneurs. He added that the center plans to support 20 new businesses this year as it’s been chosen as support institution in 2010, and along with the plan, the center is establishing roadmap for one-stop global business service that takes advantage of GIST’s infrastructure.