Science Ministry, Posco agree to support domestic start-ups

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Science Ministry, Posco agree to support domestic start-ups

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Posco, the Korea Venture Business Association and the Ministry of Science, ICT and Future Planning came to an agreement on Tuesday foster start-ups and develop joint R&D projects with them.

At the celebration held at Posco’s headquarters in southern Seoul, the company announced it will open and operate a research lab at the venture association and hold regular technology transfer sessions and joint research there.

The steelmaker will use its existing mutual growth fund of 100 billion won ($89 million) to support the projects, and will later acquire them.

Start-ups in their early stages can develop their ideas under the directors at Posco and the venture association. Some of the successful start-ups will receive investment or be acquired by the two parties.

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