[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won (US$1.7 million) to foster 20 start-ups this year, the company said on July 7.
In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot.
Among the start-ups selected for the support program on the day are Medi Plus Solution, a health care solution firm, REBORN Kitchen, a diet solution developer, and Power Voice, a voice identification solution firm.
The heads of start-ups Medi Plus Solution, REBORN Kitchen and Power Voice pose with KT executives after the pitching event in Seoul on July 7. KT
At the first pitching event in April, five start-ups were selected and they are currently working with the telecom firm to improve their services and solutions and tap into global markets.
AMADAS, one of the winners at the first event, supplies its smart door lock for KT’s smart home solutions.
KT said the company considers itself as a bridge for start-ups to help globalize their innovative technologies. The firm has so far invested 700 million won on eight start-ups this year.
“KT is seeking potential in niche areas that many conglomerates are overlooking,” said Kim Young-myeong, head of KT’s creative economy initiative unit. “The company’s start-up support program is not a one-time event. It will continue to cooperate and provide further support for fledgling firms.”
By Park Yuna (email@example.com)