KSD takes lead in backing innovative companies
Korea Securities Depository (KSD) plans to jointly inject 6.2 billion won ($5 million) over the next five years, along with seven other state and private institutions including the metropolitan city of Busan and BNK Financial Group, in support of local venture startup businesses in the nation’s southern city of Busan.
The eight institutions will be taking part in creating and operating a co-working space called the Busan Innovation Ground for Startups (BIGS) for selected venture companies. The co-working office space of about 1,342.15 square meters is slated to officially open at around September or later this year.
The launch of the co-working office center is only part of a comprehensive supporting initiative for local venture startups — dubbed “K-Camp” — jointly participated by both the public and the private financial sector in Busan.
The KSD and other partnering institutions aim to stimulate solid growth of the nation’s venture startup sector by offering selected innovative businesses what are generally regarded as the most needed at the burgeoning phase of a business - working space, investment opportunities, global networking chances, and more.
Under the banner of “K-Camp,” venture businesses from other major cities like Daegu, Daejeon, and Gwangju, are also eligible to receive a range of supports, such as management consulting, crowdfunding consulting and global investment networking events.
The initiative designed to foster innovative firms is in line with the Financial Services Commission’s (FSC) policy direction announced in March this year, aiming to spur growth in innovative startups in the nation.
The plan is also in conjunction with Busan Metropolitan City’s plan to create the city’s startup innovative town set out back in August 2018.
Earlier this year, the KSD announced its policy goal that it would assume a larger corporate social responsibility by strengthening efforts to create more jobs and build a sustainable and inclusive business model.