Science Ministry picks 3 areas to receive funds for start-ups

Home > Business > Industry

Science Ministry picks 3 areas to receive funds for start-ups

Published: 03 Jul. 2014, 21:12

The Science Ministry selected three metropolitan areas - Haeundae District in Busan; Pangyo Techno Valley in Seongnam, Gyeonggi; and Songdo Free Economic Zone in Incheon - to receive 2 billion won ($1.9 million) every year for five years to train engineers for start-ups. The money will also go toward helping those start-ups commercialize and sell their technology.

The Haeundae cluster will pursue 16 projects focusing on developing embedded solutions for the city’s main industries, including maritime, bio-health and parts manufacturing, while the Songdo-based start-ups will do work related to the Internet of Things. Pangyo will aim to become the nation’s software industry hub with its existing start-ups and research institutes.