] The Korean government plans to create a startup fund worth 1.2 trillion won together with the private sector with aims to further accelerate the startup entrepreneurship here.
The Ministry of SMEs and Startups and Korea Venture Investment Corp. announced the plans on Feb. 21, saying the fund will be launched by end-July.
Of the 618 billion won funded by the government, the SME ministry will contribute the largest 435 billion won, with five other ministries funding the rest.
Starting with the government’s fund of funds, other public and private institutions are expected to invest a combined 5.4 trillion won this year as startup funds, which compares to last year’s 4.4 trillion won.
By Lee Ji-yoon (email@example.com