South Korea revs up startup investments with a $10.7B plan

Roll up, roll up! The South Korean government is revving up its investment engine, keen on churning out global unicorns with a distinctly Korean flavor, reports The Korea Economic Daily. Their plan involves investing a whopping 14.2T won ($10.7 billion) into the Korean startup ring by 2027. That's 13.6% higher compared to what their government had initially planned.

• But how, you ask? In line with this, a Startup Korea Fund will be established to generate a further 2T won ($1.5M).

• Who's invited to this money fiesta? Financial service firms, venture companies, business groups, and pension funds.

• Where's the money going? The focus is on AI, chips, deep tech, secondary funds, global investment funds, and loans for startups.

• Who benefits? From next year, their startup support programs will extend to Korean-launched ventures overseas. As it stands, government-backed startup funds are only available to startups based in South Korea, irrespective of ownership.

• What else? Earlier this year, the Ministry of SMEs and Startups (MSS) laid out plans for a substantial $751M fund to boost venture capital investments within the country.

MSS is gearing up to roll up its sleeves to supercharge laws, systems, and infrastructures, all in support of domestic startups making waves abroad. Stay tuned, folks!