KT's startup project wins global investment

By Lee Min-hyung

KT said Tuesday that its startup support program has succeeded in attracting global investment of some 2.5 billion won ($2 million) since it started last April.

A total of 12 startups have participated in the project called, “K-Champ Lab,” receiving advice about how to turn their ideas into revenue-generating businesses, the company said.

The project was co-led by a creative economy center in Gyeonggi Province. The startups have recorded some 1.5 billion won in sales from investors across the nation, and also from China, Singapore and Qatar, according to KT.

“The project has established a strong foothold on which startups can grow and stand on their own,” Kim Young-myeong, head of the creative economy initiative unit at KT, said. “We will not spare any efforts for startups to commercialize their ideas, helping them increase their footsteps into untapped business areas.”

KT has been aggressive in helping startups of small- and medium-sized enterprises (SME), with KT Chairman Hwang Chang-gyu pledging to strengthen its support of startups at this year’s Consumer Electronics Show (CES), last week.

Hwang previously said, “It is important for local startups to gain more opportunities to meet with potential customers, and the technology fair can be a great opportunity toward the end.”

“This is because investors put priority on markets and customers,” he said on the sidelines of the CES 2016.

KT said that it plans to expand its support of startups by starting the “Post K-Champ Lab” program where college graduates can learn how to attract investment and promote their products or services across the nation.