U-STAR is a program that provides accelerating programs for potential (prospective) founders and venture capital companies with creative ideas.
Six of the 10 first-generation U-STAR teams, which were operated between May and August 2017, received a total investment of approximately $576,180, including joint investment. In addition, around $1,868,200 of R&D support was received from two teams in the JOINTTIPS program and KOITA program.
The U-STAR starting teams (including a total of 10 teams) can be supported by Ulsan Creative Innovation Center, Hyundai Heavy Industries, SKC, UNIST (Ulsan National Institute of Science and Technology) , and Sunbo Angel Partners.
First, the finalist team is to receive commercialization support ($17,450 per team), core business development programs (such as business model development, IR coaching, milestone and fund planning), and mentoring of patent portfolio building.
In addition, opportunities to work with Hyundai Heavy Industries and SKC (R&D analysis, test bed, marketing support, etc.), investment of approximately $100K by Sunbo Angel Partners (TIPS operator) and UNIST Global Mentoring will be provided.
There is no age limit to apply to U-STAR; however, the applicant must be a prospective founder (team) or a founder (team) of at most 5 years.
Young Joon Jeh, the head director of Ulsan Creative Innovation Center, said, “U-STAR is a good opportunity to shape and commercialize ideas for prospective founders preparing for start-ups and also for early founders who have ideas but are having difficulty in commercialization.” U-STAR teams are expected to be provided with funding and mentoring as well as marketing support for commercialization. U-STAR hopes to hear from lots of current and future founders.
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