On the 22nd , the Ministry of SMEs and Startups (Minister Han Sung-sook) held a "Regional Growth Fund Meeting" with 14 local governments outside the Seoul metropolitan area at the Ministry of SMEs and Startups building in Sejong. Approximately 40 people attended, including managers and team leaders in charge of startups and ventures from the 14 local governments and the head of the Korea Venture Investment Regional Innovation Headquarters.
This meeting was organized to share the operational direction of the regional growth fund for the next five years, a key task of the "Comprehensive Plan for the Leap Forward to the Four Major Venture Powerhouses" announced on the 18th, and to discuss ways to revitalize the regional venture investment ecosystem with local governments.
The Regional Growth Fund is a regional venture fund created through joint investment from local communities and the private sector, based on a mother fund. The mother fund will invest in local sub-funds focused on regional investment. The fund plans to raise KRW 2 trillion in mother funds and KRW 3.5 trillion in sub-funds over the next five years, with at least one mother fund established in each of the 14 metropolitan governments outside the Seoul metropolitan area.
The Ministry of SMEs and Startups plans to reflect the opinions of local governments discussed at this meeting in the "Tentative Plan for the Creation of a Regional Growth Fund," scheduled to be announced early next year.
Kim Bong-deok, Director of Venture Policy, stated, “The Regional Growth Fund has two goals: achieving regional balance in the venture ecosystem and fostering the region’s first unicorns. We will continue to explore ways to expand the venture capabilities currently concentrated in the metropolitan area to the entire non-metropolitan area.”
- See more related articles
You must be logged in to post a comment.