Minister Lee So-young meets young entrepreneurs and HD Hyundai Heavy Industries at UNIST
280 billion won invested this year across four science and technology institutes; support for 160 startups
The Ministry of SMEs and Startups discussed ways to turn university research成果 in Ulsan into youth-led businesses and to support technology testing and market access by tapping into the manufacturing infrastructure of large companies.
The ministry said on the 31st that it held a meeting on promoting youth entrepreneurship in partnership with local communities at UNIST on the 30th, attended by Ulsan city officials, HD Hyundai Heavy Industries, the Ulsan Center for Creative Economy and Innovation, and young entrepreneurs.
The meeting was the first stop on Minister Lee So-young’s visit to the Gyeongsang region on the 30th and 31st. Following an earlier visit to the Chungcheong region, the trip was arranged to hear about ways to boost entrepreneurship by leveraging local talent and industrial resources.
After touring UNIST’s research facilities, Lee received briefings on the university’s deep-tech Startup-Oriented University program and HD Hyundai Heavy Industries’ efforts to support youth entrepreneurship and advance open innovation.
This year, the ministry is running a deep-tech-focused Startup-Oriented University program for four science and technology institutes, including UNIST. It is investing a total of 28 billion won to support the commercialization and growth of 160 startups.
At the meeting, participants heard about young entrepreneurs’ experiences and challenges and discussed ways to commercialize university research成果. They also discussed cooperation between large companies and startups on technology testing, commercialization and expanding market access.
Ulsan is home to universities and research institutions such as UNIST, as well as major companies including Hyundai Motor and HD Hyundai Heavy Industries, making it possible to connect research technologies with key industries such as automobiles and shipbuilding. In April, the ministry designated Ulsan a “startup city” and is working to establish a “manufacturing AI startup city” that uses the manufacturing facilities and testing data of large and mid-sized companies.
“Ulsan is an ideal place for technology startups, with outstanding research talent and the industrial base of world-class large companies,” Lee said. “It is important to create an environment where young people’s ideas and university research成果 lead to startups that grow through cooperation with large companies.”
“The Ministry of SMEs and Startups will also actively support young people taking on the challenge of starting businesses and the growth of local startups through the ‘Deep-Tech-Focused Startup-Oriented University’ program and the ‘Startup City Project,’” she said.
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