Yoon promises big support for start-ups to create unicorns

Economy

Published: 02 Feb. 2023, 18:49

Yoon promises big support for start-ups to create unicorns

President Yoon Suk Yeol being briefed on a virtual fire place developed by Graphene Square, a start-up that received an innovation award at the CES last month, at the president’s office in Yongsan, Seoul, on Thursday. [YONHAP]

President Yoon Suk Yeol promised full government backing in support of start-ups so they can become major international companies.

“The government will do all it can in supporting global expansion, attracting top talent and creating an ecosystem for investment,” Yoon said on Thursday in a meeting with about 40 people representing Korean start-ups that received innovation award during the CES held in Las Vegas last month.

“The government will provide support so that there will be large numbers of innovative start-ups in science and technology and the digital sectors that become global unicorns,” Yoon said.

A unicorn is commonly considered a company with a valuation of above $1 billion.

Dot, which created the Dot Pad for the visually impaired and received the highest award at CES, was invited.

Others included Microsystems, which received an award for a surveillance camera with electronic self-cleaning technology, Zkrypto, which developed a public blockchain voting app, and Graphene Square, which created a virtual fireplace that generates heat from graphene.

According to the Ministry of Science and ICT, this year 469 Korean companies attended CES, the biggest electronics consumer show in the U.S.

Some 181 products received innovation awards, which not only is more than the 139 received last year but an all-time record.

Twelve of the 23 that received the highest award were Korean. The United States received four and Japan and Germany each two.

The president stressed that Korea’s survival in the future and its competitiveness relies on state-of-the art science and technology and digital-based innovation.

Yoon said the technology that such start-ups have demonstrated will be the catalyst that will expand freedom to people in the world.

The Science and ICT ministry last month announced a plan in which the government will be investing 15 trillion won through 2027 in turning a minimum of 10 start-ups into unicorn companies.

This year, 2.5 trillion won, 8.1 percent of the government R&D budget, will be invested in the scale-up of start-ups. And next year, that budget will be increased to 3.5 trillion won.

President Yoon has been emphasizing Korean science and technology, especially since he has returned from his trip to the United Arab Emirates and Davos, Switzerland.

One of his first meetings after the trip was with young scientists on Jan. 25. On Tuesday, he went down to Gumi in North Gyeongsang, where the government held its meeting on training.

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