South Korea’s largest online education service provider MegaStudy announced Monday that Chairman Sohn Ju-eun would pour in 30 billion won ($26.5 million) of his own private assets to set up a startup incubator to groom young Korean entrepreneurs.

Named after the late daughter of the chairman, the Yoon-min Creative Investment Foundation was established in accordance with the chairman’s earlier commitment to donate profits to society when he first set up the business in 2000.

“Over 16 years, MegaStudy has rapidly grown from a small venture company capitalized at 300 million won with five staff members to an established enterprise with more than 2,000 employees,” said Sohn in the statement.

“The foundation aims to encourage young talents with creative ideas and innovative business mindsets to run and grow their business that could equivalent influence of MegaStudy.”

The foundation is slated to create online contents to educate the future business leaders. The foundation will offer free class to engage underage students learn about economy and how to run business.

“Our goal is to discover young talents to lead innovative startups, which will in the end create a number of stable jobs to frozen job markets,” Sohn added.

By Song Ji-won (jiwon.song@heraldcorp.com)