“Fostering Internal Venture Startups along with the Emergence of Open Innovation“
- Division
- International Cooperation Division
- Date
- 2019.01.31
- Writer
- 박강범
- Headline
Ministry of SMEs and Startups (MSS) announced that the “Program for Fostering Internal Venture Startups” would be reorganized and expanded to discover and foster internal venture teams within large, small, and medium-sized enterprises and startups.
This program was launched last year to select 40 excellent enterprises with their own internal venture teams as operating business entities and support a total of 94 promising startup teams through close collaboration with private operating business entities. This year, we plan to expand our enterprise pool (from 40 operating business entities in 2018 to 60 in 2019) so that we can buckle down to fostering internal venture startups.
To discover and foster excellent internal venture teams and spun-off startups through the voluntary internal reform of a private company, we published the ”2019 Plan to Call for Enterprises with an Program to Foster Internal Venture Teams (with a budget of KRW 10 billion for the year 2019).“
According to MSS, operating business entities can receive funds or incentives to help internal venture teams with the commercialization and R&D of their technology.
Unlike in the past when major enterprises focused on getting social contribution or one-way sponsorship, now, they take open innovation as their core strategy and carry out new types of joint projects between (large sized) enterprises and startups. We will take initiative in improving and running the support program as follows so that we can lead the innovative growth of startups through effective private-public cooperation.
First, we will expand the scope of support by including not only the existing “internal venture teams” but also the “spun-off startups” as the potential recipients of the funds for the successful commercialization and growth of the internal venture teams.
Second, we will adopt and introduce a package program that combines the technological commercialization with the R&D support for the sustainable growth of the technology-based enterprises.
Third, we will build and expand our collaborative networks to achieve good communication, effective collaboration, and active cultural exchanges between operating business entities and their internal venture teams.
This program was launched last year to select 40 excellent enterprises with their own internal venture teams as operating business entities and support a total of 94 promising startup teams through close collaboration with private operating business entities. This year, we plan to expand our enterprise pool (from 40 operating business entities in 2018 to 60 in 2019) so that we can buckle down to fostering internal venture startups.
To discover and foster excellent internal venture teams and spun-off startups through the voluntary internal reform of a private company, we published the ”2019 Plan to Call for Enterprises with an Program to Foster Internal Venture Teams (with a budget of KRW 10 billion for the year 2019).“
According to MSS, operating business entities can receive funds or incentives to help internal venture teams with the commercialization and R&D of their technology.
Unlike in the past when major enterprises focused on getting social contribution or one-way sponsorship, now, they take open innovation as their core strategy and carry out new types of joint projects between (large sized) enterprises and startups. We will take initiative in improving and running the support program as follows so that we can lead the innovative growth of startups through effective private-public cooperation.
First, we will expand the scope of support by including not only the existing “internal venture teams” but also the “spun-off startups” as the potential recipients of the funds for the successful commercialization and growth of the internal venture teams.
Second, we will adopt and introduce a package program that combines the technological commercialization with the R&D support for the sustainable growth of the technology-based enterprises.
Third, we will build and expand our collaborative networks to achieve good communication, effective collaboration, and active cultural exchanges between operating business entities and their internal venture teams.