ITCEN Global said on Monday it signed an MOU with Hoseo University’s industry-academic cooperation foundation to activate venture startup investment and strengthen mutual cooperation.

Under the agreement, the two sides will jointly carry out the full acceleration process, from discovering innovative startups to evaluation and selection. They plan to run support programmes aimed at strengthening startups’ self-sufficiency, including open innovation, expert mentoring and follow-on investment. They also agreed to work together to form and operate a joint investment association (fund) to execute practical and bold investments in promising companies.

ITCEN Global plans to use the partnership to expand startup support infrastructure concentrated in the Seoul metropolitan area to regional hubs. It aims to focus on creating a balanced startup support ecosystem so that startups with strong technologies in the regions can grow without being excluded from information and capital.

Hoseo University President Il-gu Kang (강일구) said the university had pioneered entrepreneurship early under a venture-first spirit, adding that the agreement with ITCEN Global, which has global investment expertise, would be a new leap that continues that history. He said the university would spare no support so that innovative regional ideas can grow into global businesses.

ITCEN Global Chairman Jin-mo Kang (강진모) said the company will continue expanding the startup support ecosystem not only in the Seoul metropolitan area but also around regional hubs. He said it will build an environment in which innovative companies can be born and take off anywhere nationwide.