SEOUL, KOREA - The Ministry of Science, ICT, and Future Planning will join hands with the Yozma Group, an Israeli venture capital investment firm, to facilitate commercialization of technologies startup firms are developing. To that end, the Minister Choi Moon-ki met Yigal Erlich, the group's chairman, on May 27 and discussed ways for further cooperation.
Founded in 1993 with a fund of US$250 million, the Yozma Fund has grown more than 16 times to $4 billion, playing the role of the main supplier of money to Israeli startups.
The ministry plans to allow the Yozma Group to assume equities in technology holding companies and technology commercialization funds. In addition, the ministry will help state-run research institutes and university labs commercialize their research outcomes by creating technology holding companies and commercialization funds jointly with the Yozma Group.
Minister Choi said, "We will try to help public research institutes and university technology research centers commercialize their research results in the form of new business creation."
"Our Yozma Group will do its best to help Korean technology startups become globally competitive firms by taking advantage of the know-how and global networks," said Yozma chairman Erlich.
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