Outstanding start-ups will feel safe in the event of failure

KU and KODIT signed an MoU to support start-ups.

Up to KRW 3 billion will be funded for start-ups.

▲ Rok Whang (left), KODIT Chairman and CEO and Jaeho Yeom (right), KU President after signing the MoU

Korea University and the Korea Credit Guarantee Fund (KODIT) signed a Memorandum of Understanding on enhancing collaboration in order to nurture outstanding start-ups and talents at KU’s Main Hall on November 7 at 10:30am.

The MoU was signed by KU President Jaeho Yeom and KODIT Chairman and CEO Rok Hwang.

The MoU is expected to provide credit guarantee services and support investment for professors, researchers, and students of KU, thereby helping them start new businesses. Based on the partnership, KU and KODIT plan to mutually recommend outstanding start-ups, offer financial and non-financial support, make joint efforts to help start businesses with consulting sessions and demonstration day events, and promote visiting and exchange programs of experts and talents.

KODIT will fund KRW 3 billion for start-ups established by KU professors, researchers, and students, which will provide substantial support to promote the start-up ecosystem of the school. KODIT also plans to offer a credit guarantee service, investments, and consulting for the firms in which the KU technological holding company has invested.

At the signing ceremony, KU President Yeom said, “As the business model changes, university should evolve itself to help students produce knowledge and develop problem-solving capacities. Students should feel safe to learn through trial and error. We should transform the university ecosystem into an amusement park of knowledge, where failure is accepted as part of the learning process.”

KODIT Chairman and CEO Hwang said, “The MoU is supposed to create momentum for KU faculty members, researchers, and students to start business without fear. The MoU is expected to create synergy between our institutions as KU pursues excellence in higher education and research, while KODIT helps to incubate starts-up.”