NIPA and Korea Angel Investment Association Join Hands to Support Two-Way Startup Expansion at Home and Abroad
IT DAILY ·
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The National IT Industry Promotion Agency (NIPA) and the Korea Angel Investment Association signed a business agreement to support startups in the AICT sector as they expand in both directions, domestically and overseas.
The agreement aims to address the limitations of the separately operated support systems for domestic entry and overseas expansion by establishing a single cooperative framework.
The two organizations plan to jointly pursue promising startup discovery, support for Korean technical talent abroad to settle in South Korea, commercialization and investment linkage, and support for follow-on investment and overseas expansion.
The National IT Industry Promotion Agency (NIPA) and the Korea Angel Investment Association said on the 21st that they had signed a business agreement to jointly support startups in the AI and information and communications technology (AICT) sector as they expand in both directions, domestically and overseas.
The signing ceremony was attended by NIPA President Park Yoon-kyu, Association Chairman Lee Jong-hoon, and officials from both organizations. The purpose of the agreement is to support startups in the AICT sector as they expand both at home and abroad.
Until now, the startup support structure has been operated separately for support to enter the domestic market and support for overseas expansion. As a result, there has been a limitation in the lack of cross-border growth channels for Korean technical talent abroad and promising domestic companies.
This agreement was pursued to address those limitations by establishing a single cooperation system for two-way flows. Through this, the two organizations focused on linking domestic inflows and overseas expansion into one cooperative structure.
NIPA is the agency under the Ministry of Science and ICT dedicated to promoting the information and communications technology industry. NIPA is responsible for planning and operating AI and ICT industry promotion projects, providing infrastructure support, and carrying out policy implementation.
The association was established in 2012 and has since played roles in nurturing startup investors, building networks between investors and startup companies, expanding the base for startup investment, and supporting company growth. Through this, it has aimed to create a virtuous venture investment ecosystem.
Under the agreement, the two organizations decided to cooperate in identifying promising startups based on the infrastructure ecosystem. They also decided to promote cooperation in supporting Korean technical talent abroad to settle in South Korea.
The two organizations also agreed to carry out cooperation to connect commercialization and investment through links between policy support and private investment. In addition, they decided to pursue cooperation to create growth pathways that lead to follow-on investment and overseas expansion.
NIPA President Park Yoon-kyu said the agreement would help prevent disruptions in the growth paths of talent and companies moving between South Korea and overseas, and that it would pursue stronger global competitiveness for the AICT industry. Association Chairman Lee Jong-hoon stressed that investment would be connected at every point where talent and companies move across borders, and that the association would support them through its network.
NIPA partnered with the Startup Innovation Hub (SIHUB) in Ho Chi Minh City, Vietnam, on the 18th. NIPA also hosted the 'Korea-Vietnam AI Transformation Partnership Day' on the 10th and 11th.
Source: IT DAILY · Kwon Young-seok
Original: https://www.itdaily.kr/news/articleView.html?idxno=241761
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Source: IT DAILY
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