SKT, Hana Financial Group join hands for startups

By Lee Min-hyung

SK Telecom is moving to become a key supporter for startups, in collaboration with Hana Financial Group.

The nation’s largest mobile carrier said Monday that it signed a deal with Hana Financial for the Dream Venture Star project at the Daejeon Center for the Creative Economy & Innovation. Both companies will provide 1 billion won ($881,000) to 10 startups at the center.

This is the first time a finance firm has invested in one of the nation’s 17 innovation centers, which both companies believe will help startups gain new momentum with more systemized support ― ranging from business incubation to technology transactions.

“Financial consultation and capital investment, led by Hana Finance Group, will be a basic building block for local startups,” SK Telecom CEO Jang Dong-hyun said in a statement. “SK will also be a key player to create a success story for startups at the Daejeon innovation center.”

The centers are the result of the government’s mainstream policy, dubbed the creative economy, for which the Park Geun-hye administration has set up 17 conglomerate-funded innovation centers.

The government has pushed for the policy since President Park took office in February 2013 to shift the nation’s conglomerates-centered business environment to small- and medium-sized enterprises (SMEs). Park has since pushed the policy as a driving force to revitalize the sluggish economy.

Staring from November, Hana will decide which startups it will make investments in. Selected teams will be given free consultation regarding financial management and making investments.

“We will continue to help local startups grow into multinational companies, backed by our strong support,” Hana Financial Group Chairman Kim Jung-tae said in a statement. “Both companies will take on active roles to establish a righteous ecosystem for the creative economy.”

Hana Finance has been supporting startups with a capital invest of some 25.5 billion won since July, last year.