The Korea Creative Content Agency (KOCCA) has announced it will give startups a boost with 16.4 billion won ($USD 14.5m) in government funds.
As the government’s leading agency that promotes creative content out of Korea, this year it will operate a global acceleration program, and create a business center for content-focused startups.
As part of this, it will be looking for private accelerators to be part of this program, with four spots up for grabs. Each accelerator will receive 300 million won in financial support including matching for investment and loans, as well as marking distribution.
Two business centers will be set up and operated in regional areas by local government and will also receive funding. Regional areas are anywhere in Korea excluding the Seoul Capital Area which includes Gyeonggi Province and Incheon. It’s hoped that these centers will create momentum in areas outside Seoul which are often forgotten about, and generate job opportunities for young entrepreneurs.
“As we enter the 4th industrial revolution, the importance of incubating startups that develop amazing content across all genres and use the latest technology is increasing,” says Park Seung-jun from KOCCA. “Through the selected accelerators, we’ll seek out for than 40 content-related startups, and contribute to creating new localized jobs for young people via our regional business centers.”
KOCCA plans to reveal more about its upcoming program at an event next week.
