Most Popular
-
1
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
2
Dongduk Women’s University halts coeducation talks
-
3
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
4
OpenAI in talks with Samsung to power AI features, report says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
Disney+ offers sneak peek at 2025 lineup of Korean originals
-
7
South Korean military plans to launch new division for future warfare
-
8
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
-
9
Teen smoking, drinking decline, while mental health, dietary habits worsen
-
10
Kia EV9 GT marks world debut at LA Motor Show
POSCO pledges W260 billion for ventures and small firms
By Korea HeraldPublished : Oct. 27, 2011 - 19:45
POSCO will set up a 260 billion won ($230 million) fund to support shared-growth between large and small companies.
The plans were announced at the company’s Idea Marketplace event in Seoul on Thursday.
Of the 260 billion won, 160 billion won will be used for profit sharing and 50 billion won will be operated by the Large and Small Business Cooperation Foundation. The fund will also include 30 billion won for supporting establishment of venture companies and 20 billion won to help companies with dealing with POSCO to develop into global companies.
The steelmaker added that the 30 billion won for supporting new venture firms will be used to help companies whose operations are based on ideas selected by its Idea Marketplace scheme.
POSCO’s Idea Marketplace scheme awards cash prizes to those who submitted good business ideas. The company said that it will invest in the businesses established by the award winners if they choose to commercialize their ideas.
The company plans to provide compensation to those choosing not to set up businesses, and take measures to see such ideas commercialized.
POSCO said that business ideas can be submitted at www.poscoventure.co.kr and selected applicants will be awarded at an Idea Marketplace event that will be held on quarterly basis.
At Thursday’s inaugural event, the developers of the DNA analysis method FemtoPore and a social network service-based music service were given top prizes.
By Choi He-suk (cheesuk@heraldcorp.com)
The plans were announced at the company’s Idea Marketplace event in Seoul on Thursday.
Of the 260 billion won, 160 billion won will be used for profit sharing and 50 billion won will be operated by the Large and Small Business Cooperation Foundation. The fund will also include 30 billion won for supporting establishment of venture companies and 20 billion won to help companies with dealing with POSCO to develop into global companies.
The steelmaker added that the 30 billion won for supporting new venture firms will be used to help companies whose operations are based on ideas selected by its Idea Marketplace scheme.
POSCO’s Idea Marketplace scheme awards cash prizes to those who submitted good business ideas. The company said that it will invest in the businesses established by the award winners if they choose to commercialize their ideas.
The company plans to provide compensation to those choosing not to set up businesses, and take measures to see such ideas commercialized.
POSCO said that business ideas can be submitted at www.poscoventure.co.kr and selected applicants will be awarded at an Idea Marketplace event that will be held on quarterly basis.
At Thursday’s inaugural event, the developers of the DNA analysis method FemtoPore and a social network service-based music service were given top prizes.
By Choi He-suk (cheesuk@heraldcorp.com)
-
Articles by Korea Herald
