Fostering a new ilk of entrepreneur

A private institute that runs a CEO school program has joined hands with leading CEOs and investors to launch a one-year program to foster next-generation entrepreneurs.

The Institute of Global Management (IGM), based in Jangchung-dong, central Seoul, said yesterday it will start the IGM Entrepreneurship Academy (IEA) next March in celebration of its 10th anniversary.

It compares the new academy to the Korean business-centered version of the Matsushita Institute of Government and Management, a prestigious private school set up in Japan by the founder of Panasonic in 1979 that is known to be a ticket to the top in Japanese politics.

The IEA professors will include Korea’s leading businessmen, such as Doosan Group Chairman Park Yong-maan and Lock & Lock CEO Kim Jun-il. A slew of other leaders from a variety of business fields - including former Hana Financial Group Chairman Kim Seung-yu, Posco Chairman Chung Joon-yang and BMW Korea CEO Kim Hyo-joon - will serve as mentors.

From the venture capital sector, SoftBank Ventures Korea CEO Greg Moon and Angel Investors Association head Goh Young-ha will provide mentorship.

“IEA has been inspired by the fact that the ‘right kind of entrepreneurship counts more than technologies or experience for business managers’ - a lesson that originates from the nation’s venture capital history that has gone through hardships including the dotcom bubble burst,” the institute said in a press release.

Any adult can apply, except for those who have been running their own business for over a year. The first batch of students will total between 30 and 60 and all will be offered full scholarships. Classes will take place every Saturday for a year and will stretch up to 300 hours in total. The school guarantees financial support of between 5 million won ($4,633) to 500 million won for graduates to open new businesses.

The institute began accepting applicants online yesterday on its Web site (www.igmiea.org) and this channel will stay open until Jan. 11. Teams consisting of up to four people may also apply. The process will consist of an initial documentation screening and interviews.

By Seo Ji-eun [spring@joongang.co.kr]