[Press Release] Five Science & Technology Specialized Universities Sign an MOU for Five STAR Initiative

On May 15, Five Science & Technology Specialized Universities sign an MOU for Five STAR Initiative to utilize the scientific and technological advantages obtained through R&D for business purposes

 

 

 

 

□ The Presidents of Five Science & Technology Specialized Universities announced Five STAR (Science and Technology After R&D) Initiative and signed an MOU for the Initiative at the main conference room of the Ministry of Science, ICT & Future Planning. Five Science & Technology Specialized Universities are Gwangju Institute of Science and Technology (GIST, President   Young Joon Kim), Korea Advanced Institute of Science and Technology (KAIST, President Kang Sung-mo), Daegu Gyeongbuk Institute of Science and Technology (DGIST, President Shin Sung-chul), Ulsan National Institute of Science and Technology (UNIST, President Cho Moo-je), and Pohang University of Science and Technology (POSTECH, President Kim Yong-min).

□ The Initiative is developed by Five Science & Technology Specialized Universities and the Ministry of Science, ICT & Future Planning and is expected to nurture new businesses and create decent jobs by utilizing the achievements obtained through the research and development of the Five Universities.

□ The Initiative includes:

  O creating the funds (managed by the Five Universities and invested by the government, private investors, and the Five Universities) designated for the Five Universities to help professors, researchers, and students secure the initial budget for their startups based on their scientific and technological knowledge and to develop curricula specially designed for such startups;

  O developing the plan to provide the one-stop service to professors, researchers, and students who want to utilize scientific and technological developments for their start-ups from the initial to the last stage of establishing businesses by modifying the functions of the teams at Five Universities designated for collaboration with businesses and industries and by employing specialized workers for such collaboration; and

  O improving Five Universities’ systems to help professors, researchers, and students start their own businesses by giving professors and researchers more period for the leave of absence or for holding another post outside the campus as a means for them to return to their universities after leaving them for their start-ups and by offering an allowance to professors, researchers, and students who establish their start-ups as a hedge against risk.