Telecom giant KT Corp. on Sunday unveiled a set of measures, including a 20 billion won ($18 million) investment fund, to support start-ups that are competitive but struggle to secure funding and distribution channels.
The company said it will expand its own direct investments into individual start-ups, while beefing up efforts to offer them more practical help.
KT chairman Hwang Chang-kyu talks with start-ups during a signing event for partnership at the firm’s headquarters in central Seoul on Friday. KT
Following a 2 billion won investment into Carvi, a driving assistance systems developer, in February, the company has recently also decided to inject an additional 3 billion won into Tooneed, a Webtoon producer.
The company also plans to create a 20 billion won investment fund in partnership with the Gyeonggi provincial government. It operates its own start-up accelerator center in the region.
KT also said it will expand its “K-Camp” by refurbishing its office buildings nationwide. The Seoul center helps start-ups to enter the market after they complete their incubation process.
The company said more than 120 companies will soon be able to benefit from K-Camp.
The company added it will help start-ups secure distribution channels, not just in Korea, but also globally through its own sales networks across affiliates.
The company will use its shopping channels that combine Internet, mobile and Internet-based TV. It will also support exports via its partnership with China’s Baidu and Japan’s SoftBank Selection.
By Lee Ji-yoon (
jylee@heraldcorp.com)