Skip to Content

Press Releases

Microsoft to Embark on Nurturing Korean Startups by Working Hand-in-Hand with the Korean Ministry of SMEs and Startups

Division
Ministry of SMEs and Startups
Date
2020.10.07
Writer
MSS
File
Hit
46
Headline
□ Following the footsteps of Google, NVIDIA, and Amazon, Microsoft (MS) newly participates in the “Collaboration Program with Global Companies”of the ministry

□ It plans to intensively nurture artificial intelligence (AI) startups related to smart factories, edutech, biohealth, and self-driving.
The Korean Ministry of SMEs (small and midsized enterprises) and Startups (MSS, Minister Park Young-sun) announced that it is accepting applications from companies to participate in the “MS-MSS” program that it is pursuing in collaboration with MS.
 
* (MS-MSS Program) It means a program wherein MS and MSS welcome Korean startups that wish to cooperate with MS.
 
The ministry has pursued a program where global companies collaborate to incubate Korean startups since last year. Last year, it started the program with “Startup-Google” that it pursued with Google and the startups were highly satisfied with the program and welcomed it.
 
As such, the ministry is expanding the global companies to collaborate with this year. It expanded the number of startups participating in the “Startup-Google”program (April) from 60 to 80 and in May, it had NVIDIA (N&UP) participate, followed by Amazon Web Services (Jungle) in July.
 
Microsoft has decided to newly participate in the program recently. As a result, the global companies participating in the “Collaboration Program with Global Companies” has increased to four. The “MS-MSS” program will support 30 startups within 3 years of establishment. The ministry will support the commercialization of the selected startups with funds, while MS will provide incubating services utilizing its infrastructure.
 
MS will use its MS Technology Center* to train and provide consulting on growth strategies to the startups. In addition, the startups will be connected to venture capital (VC) in the United States so that they may draw investment and will get to participate in the joint sales promotion program (IP Co-sell**) where the global and Korean distribution networks of MS are connected so that the startups may enjoy greater opportunities for their advancement into the global market.
 
* (MS Technology Center) It is a training center for digital transformation located in 46 cities worldwide, including New York and Silicon Valley in the United States, and Amsterdam in the Netherlands. In Seoul, Korea, such a center opened in 2019. The center provides consulting, trying-on practical training, and design for digital transformation to companies seeking such transformation.
 
** (IP Co-sell Program) MS connects the startups with its B2B clients, jointly researches and sells startup items with its client companies, and its sales team provides other services like marketing.

 
(Purpose) To promote the advancement of startups in the springing stage into the global market by supporting their technological scaling up and innovative growth
 
(Supported field) AI(related to smart factories*, biohealth, edutech, and self-driving)
 
 
 
(Target of support) Thirty startups in the springing stage with three to seven years since their establishment
 
(Details of support) comprehensive support that includes funds (maximum of KRW 300 million) and support for technological upgrading, opening of sales routes, and connecting to investment
 
(Application period) Applications are accepted online from August 21 until 6:00 p.m. on September 17, 2020, through the K-Startup website (www.k-startup.go.kr)
 
Companies wishing to participate in the MS-MSS Program should apply online from August 21 through the K-Startup website (www. k-startup.go.kr). The project’s briefing is expected to be held online through the YouTube channel on August 28. Companies may check the details of the program in the announcement posted on the K-Startup website.