- An SMBA project worth KRW 1Billion to fund 20 entrepreneurs-to-be

- Support includes mentoring, IP consulting, education, and incorporation. Applications open between May 27 and June 27 and successful candidates to be selected in July

□ The Business Incubator at the Gwangju Institute of Science and Technology (GIST, President: Young Joon Kim) has been selected as a Global Startup Immigration Center in the 2014 Foreigners’ Technical Startup Support Program funded by the Small and Medium Business Administration (SMBA, administrator: Han Jung-hwa).

◦ The SBMA Foreigners’ Technical Startup Support Program was initiated in May 2014 to encourage foreign talents to start their businesses in Korea, overseas Koreans and students studying abroad to return home, thereby expanding the domain of domestic industry and create jobs. KRW two billion has been assigned to this project in 2014.

◦ Along with the GIST Business Incubator, the Korea Institute of Science and Technology (Korea Techno-Venture Foundation), the Korea Invention Promotion Association, and the Seoul Business Agency (Seoul Global Center) have been designated as Global Startup Immigration Centers.

□ As a Global Startup Immigration Center, the GIST Business Incubator will offer startup education, mentoring, and support programs to help foreigners start businesses. Other roles include providing office space for foreigners and administrative support to help them obtain a startup visa.

□ The SMBA will select 20 out of 40 candidates and the GIST Business Incubator will provide them with funds worth KRW 1billion and startup support programs.

◦ The SMBA is currently receiving applications from foreign entrepreneurs. A successful candidate can be funded up to KRW 50million (manufacturing: 50M, knowledge service: 35M).

◦ Application areas include manufacturing and knowledge service (apps, software, contents, web, etc.). Applications are received between Tuesday May 27 and Friday June 27 on the SMBA’s startup network (www.changupnet.go.kr).

□ “The Foreigners’ Technical Startup Support Program is designed to favor foreign applicants teamed with locals, so foreigners are encouraged to find Korean partners. I hope that foreign residents in the Gwangju and Jeolla regions will be keenly interested in this program,” said Roh Hae-deug, head of the GIST Business Incubator.