KT joins fund to help start-ups expand abroad

Industry

Published: 20 Jun. 2016, 21:14

KT joins fund to help start-ups expand abroad

Telecom operator KT and the government said on Monday that they will each contribute 10 billion won ($8.6 million) to a program to help Korean start-ups enter international markets.

KT is the first private company to participate in the so-called Start-up Supporter Program, which Seoul launched this year. KT will contribute 5 billion won this year, 3 billion won next year and 2 billion won in 2018.

The government wants other companies, large and small, to join the program as well. The goal is 400 billion won - 200 billion won from private companies and 200 billion won from the government - each year. The fund would be used to help start-ups insure against patent suits and subsidize marketing and investor relations expenses.