Samsung Group plans $9.3 million for start-ups

Samsung Group said yesterday it is cranking up its support for the Park Geun-hye administration’s creative economy campaign.

This includes the establishment of the start-up and venture firm ecosystem in Daegu and North Gyeongsang province, and providing financial aid of 10 billion won ($9.3 million) over the next five years to promising start-ups in such areas as the Internet of Things and information and communications technology; parts manufacturing, including displays; software; and fashion.

The first step will be “Venture partner’s day” scheduled Nov. 21.

Start-ups hoping to receive funding can apply at www.samsungventure.co.kr starting Sunday. Applicants must have headquarters or major operations in Daegu and North Gyeongsang province. Additionally, they must have been in operation no more than three years and invest at least 5 percent of annual revenues in research and development. Finally, companies that apply must report annual revenue of less than 1 billion won.

Companies that pass the first cut will make a presentation on partner’s day.

At the event, Lee Seong-jong, CEO of Samsung Venture Investment and Ko Young-ha, chairman of the Korea Business Angels Association will participate. Executives and researchers from Samsung Electronics will evaluate the presentations.

Final lists will be announced in mid-December after undergoing an investment committee evaluation.

Samsung Venture Investment was established in 1999 and has since awarded 1.2 trillion won to roughly 500 companies.

Of the total, more than 70 companies succeeded in getting listed on stock markets and M&As in Korea , the United States, Europe, China and elsewhere.

BY LEE HO-JEONG [ojlee82@joongang.co.kr]