Ministry of Science, ICT and Future Planning(under General Yanghee Choi) announced 7 last-standing winners of ‘K-Global Startup 2015’ and awarded them with the start-up grant on last Wednesday, October 21st.
Launched in 2010, ‘K-Global Startup’ is a renowned start-up training program that was designed by the ministry of future planning to provide an end-to-end, systematic support for aspiring internet businesses, from idea discovery to commercialization of services and global expansion. The program has selected and endorsed over 129 startups for the past 5 years, helping them with investments worth about $29.2 million in total.
Since last December, there were 878 applicants for this program (Just under 5% passing rate for 1st round application). During the 2nd round, the program gave guidance and support for 45 remaining contenders by provisioning cloud services, collaboration space, development infrastructure, expert mentoring, management consulting and networking. At the end, these 7 recipients crushed all other competitors and got selected as the final winner.
The grand winner was Toy’s Myth, a IoT hybrid platform provider of hardware, software and server solutions, and it received a 100,000 USD grant award. The runner-up was Game Coach, and the rest of award winners include Soundly, Twin Word, Day to Life, Master Company, Eslab Asia, each received the amount of $70,000, $40,000 and $10,000 respectively. In addition, the teams that were recognized for their global-scale business potential by foreign experts will attain various premium opportunities for their international expansion.
Wanyong Kim, the head of Information and Communications Technology(ICT), stated “K-Global Startup program is the most obvious yet practical business that allows turning creative ideas into reality. Our ministry will continue to show interest and support in growing the future of startups in Korea.”
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