Hyundai to invest 100 billion won fostering local start-ups
Published: 30 May. 2022, 17:18
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]
with the Korea JoongAng Daily
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