South Korea doubles startup funding in 2014

Summary:Over US$18 billion in grants and loans will be available for new ventures, and the program will be expanded to all four of the country's special R&D zones.

South Korea will double the amount available for grants and loans this year for new ventures to a total of 10 billion won (US$9.3 million), according to Joongang Daily.

This is part of a program by the Ministry of Science, ICT and Future Planning's tech start-up financing initiative, which will now be expanded to include all four of the country's special R&D zones. In the first year, the program was limited to companies in the Daejeon R&D zone, but Gwangju, Daegu and Busan R&D zones, noted the report.

Eventually, the amount of funding will be increased to as much as 200 billion won (US$186 million) by 2018.

The funding is backed by the Industrial Bank of Korea (IBK) which lends a level of corporate credibility to recipients. Eight ventures were funded last year from a pool of 48 candidates, with each getting as much as 2.5 billion won (US$2.3 million).

Topics: Start-Ups, Government : Asia, Korea


Loves caption contests, leisurely strolls along supermarket aisles and watching How It's Made. Ryan has covered finance, politics, tech and sports for TV, radio and print. He is also co-author of best seller "Profit from the Panic". Ryan is an editor at ZDNet's Asia/Singapore office.

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