MSIT provides bundled support such as credit guarantee of up to 100 billion won, overseas expansion, and investment linkage
The Ministry of Science and ICT announced on the 2022th that 15 companies were finally selected for the '19 Global ICT Future Unicorn Fostering Project (ICT GROWTH Project)'.
The global ICT future unicorn fostering project discovers promising small and medium-sized venture companies in the information and communication technology (ICT) convergence field with high global growth potential and fosters them as future unicorn companies through comprehensive support such as overseas expansion and provision of funds (investment/loan) business to do
This project, which started in 2020, has selected and supported a total of 30 future unicorn companies, attracting investment of 2607 billion won, sales of 2490 billion won, job creation 810 people, and 450 patent applications and registrations.
The final selected company for the global ICT future unicorn fostering project.
This year's contest was supported by companies in various information and communication technology (ICT) fields such as artificial intelligence (AI), software (SW), and Internet of Things (IoT). 15 companies were finally selected by comprehensively evaluating technology, growth potential, and overseas expansion capabilities.
Selected companies are provided with credit guarantee, investment attraction linkage, performance guarantee insurance support, and overseas local childcare programs.
The Korea Credit Guarantee Fund provides credit guarantees of up to 3 billion won for three years, and the Korea Telecommunications Operators Association provides an opportunity to attract venture capital (VC) investment through the Korea ICT Fund (KIF). SGI Seoul Guarantee supports the expansion of the guarantee limit of performance guarantee insurance and discounts on premiums.
In addition, the Born2Global Center (BXNUMXG) strengthens its prior capabilities for overseas expansion through product localization (PMF, Product-Market Fit) consultations.
The Information and Communication Industry Promotion Agency plans to provide opportunities for companies selected through overseas local programs such as childcare and counseling by local experts at overseas bases and matching with local partners to grow into global unicorn companies.
“ICT is playing an important role in the advent of the second venture boom, with domestic unicorn companies accounting for 77.8% of all unicorn companies in the ICT sector,” said Sang-Hoon Song, MSIT Information and Communication Industry Policy Officer. We will actively support companies to grow into future unicorns.”