The Ministry of Science and ICT (Minister Lee Jong-ho) announced that the certification ceremony for the 15 companies selected under the "2024 Global ICT Future Unicorn Nurturing Program," including Hippo T&C, was held on the 25th at Lotte Hotel Seoul.

Since 2020, the Ministry has been implementing the "Global ICT Future Unicorn Nurturing Program," which consolidates public and private sector capabilities to comprehensively support promising digital innovation companies with high global growth potential. This support includes facilitating overseas market entry and securing growth funding.

To date, a total of 59 companies, including OpenEdge Technology and SensorView, have been selected and supported. Over the past three years, these companies have collectively raised 117.6 billion KRW in investment, achieved 414.5 billion KRW in revenue, created 906 new jobs, and filed 837 patent applications (626 registered), according to the Ministry.

This year, 15 digital innovation companies across various technology fields, including artificial intelligence (AI), cybersecurity, and digital healthcare, have been selected. The Ministry plans to provide focused support through specialized public and private institutions, such as the Information & Communication Industry Promotion Agency, the Global Digital Innovation Network, the Korea Credit Guarantee Fund, and the Korea Venture Business Association. This support will include assistance in formulating overseas expansion strategies, local market entry, credit guarantees, and investment opportunities.

To support global market entry, the Global Digital Innovation Network (GDIN) will provide management consulting, technology matching, and participation in international conferences. The Information & Communication Industry Promotion Agency (NIPA) will operate localized programs for market validation, investment, and customer acquisition, leveraging overseas hubs and collaborating with global accelerators. This year, companies can participate in up to two regional programs based on their needs. NIPA has overseas support centers in the US (KIC Silicon Valley), Singapore and Vietnam (Overseas IT Support Centers), and India (Korea-India Software Cooperation Center). Additionally, NIPA collaborates with the global accelerator Plug and Play, which is based in Silicon Valley and has invested in over 1,600 startups, including unicorns like PayPal and Dropbox.

To assist with securing growth funding, the Korea Credit Guarantee Fund will provide up to 5 billion KRW in working capital for up to three years per company, with a 100% guarantee ratio and a preferential guarantee fee rate of 0.5%. The Korea Communications Operators Association, Venture Business Association, and Venture Capital Association will support investment attraction for selected companies through investment briefings (IR). Additionally, Seoul Guarantee Insurance plans to expand performance bond insurance limits and offer discounts on insurance premiums.

Song Sang-hoon, Director of the Information and Communication Policy Bureau at the Ministry of Science and ICT, stated, “Digital technology and creativity are innovating our daily lives and paving the way for new leaps forward. We will not spare any effort in providing multifaceted support to help these digitally innovative companies, recognized for their global growth potential and technological prowess, achieve rapid growth and become world-leading unicorns.”

source : zdnet korea 방은주기자 (https://zdnet.co.kr/view/?no=20240627074456)