Hyundai to invest 100 billion won fostering local start-ups

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Hyundai to invest 100 billion won fostering local start-ups

Kwon O-kyu, left, chairperson of Hyundai Motor Chung Mong-Koo Foundation, and Employment and Labor Minister Lee Jeong-sik, right, pose for a photo with participants of H-OnDream Opening Impact Day on Monday. [HYUNDAI MOTOR]

Kwon O-kyu, left, chairperson of Hyundai Motor Chung Mong-Koo Foundation, and Employment and Labor Minister Lee Jeong-sik, right, pose for a photo with participants of H-OnDream Opening Impact Day on Monday. [HYUNDAI MOTOR]

Hyundai Motor Group and Hyundai Motor Chung Mong-Koo Foundation will together invest 100 billion won ($81 million) in fostering local start-ups.
 
The joint investment is part of plans the two parties announced Monday during H-OnDream Opening Impact Day, a start-up fostering event held in Myeong-dong, central Seoul, with Kwon O-kyu, chairperson of Hyundai Motor Chung Mong-Koo Foundation, Kong Young-woon, director at Hyundai Motor’s Strategy Planning Division, and Employment and Labor Minister Lee Jeong-sik, in attendance.
 
The Hyundai Motor Chung Mong-Koo Foundation annually selects start-ups and offers them financial aid. Hyundai Motor Group funds the project.
 
The foundation was established in late 2007 by Chung Mong-koo, the honorary chairman of Hyundai Motor Group.
 
Hyundai Motor Group and the foundation vowed to spend a total of 100 billion won from 2023 to 2027 to help start-ups that are suffering from financial difficulties in their beginning stages, as well as to aid their stable growth.  
 
They aim to foster a total of 250 start-ups during the period. Around 28 start-ups were selected in 2021 and 25 in 2022. Hyundai plans to increase that number to 50 annually from 2023.
 

The project was first started in 2012. Since then, a total of 266 start-ups have received funding and 4,588 new jobs have been created.
 
From last year, the start-ups have been divided into three groups — those less than three years old; those that generate over 100 million won in annual revenue; and those that aim to solve the country’s environmental problems.
 
At Monday's event, 25 new start-ups were introduced including Zoomansa, a parking lot sharing service and Mediround, a health care information provider for foreigners living in Korea.
 
“The Hyundai Motor Chung Mong-Koo Foundation will endeavor to deliver the entrepreneurship and challenging spirit of our founder Chung Mong-Koo to young entrepreneurs through the project,” said Chairperson Kwon. 

BY SARAH CHEA [chea.sarah@joongang.co.kr]
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