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Speaking of creating an ecosystem for venture start-ups..., the ministry in charge of science
and technology announced some ambitious plans... aimed at giving these fledgling companies
a leg up. Laah Hyun-kyung reports. Only 30 percent of
the nation's start-ups survive to the age of five,... according to recent Statistics
Korea data,... which is one of the reasons why the government is trying to turn the tables
for young entrepreneurs who are willing to test creative new ideas.
The Ministry of Science, ICT and Future Planning has fleshed out its ambitious plan... to launch
what's widely known as an accelerator program. The Korean government's version of the program...
aims to help start-ups by providing a packaged service.
A small group -- fewer than 10 -- of wannabe entrepreneurs with creative and unique ideas...
will be selected in each round. They will be given three to six months of
mentoring and training... prior to opening up their businesses,... and then they will
have a chance to make pitches aimed at locking down investment.
After the businesses launch,,... these up-and-coming firms will be provided with marketing and
retail networking services... so they can break into the domestic market.
Not only that,... a selected few promising companies will get additional support... in
tapping into the global market. A total of 10 billion won, or roughly 9-point-4
million U.S. dollars, will be injected into the program this year.
The ministry plans to form a special consultative body for the accelerator program by mid-March...
and has also called on conglomerates to launch similar programs to fund and nurture the nation's
start-ups. Laah Hyun-kyung, Arirang News.