Jeonbuk National University (JBNU) has joined forces with the Korea Credit Guarantee Fund (Chairman Yoon Dae-hee) to identify and nurture regional innovation-oriented startup companies and revitalize the local startup ecosystem.

The two organizations held an official signing ceremony on May 4 at 2:30 p.m., attended by President Kim Dong-won and other senior JBNU officials, along with Chairman Yoon Dae-hee and senior executives of the Korea Credit Guarantee Fund.

The Korea Credit Guarantee Fund, established in 1976, is the country's leading comprehensive support institution for small and medium-sized enterprises. It serves as a creator of an innovation ecosystem that enables SMEs to innovate and grow, and functions as a policy financial institution that identifies SMEs with growth potential and concentrates resources to nurture them into competitive enterprises.

It is working to establish a virtuous ecosystem by expanding tailored support for each stage of growth so that companies related to the Fourth Industrial Revolution and new-industry startups can develop into sustainable, robust small enterprises. It is strengthening early restructuring for firms showing signs of distress to enable structural improvement and to improve the environment for re-challenge and re-startups.

Under the agreement, the two organizations will identify and nurture startups with outstanding ideas and technological capabilities, and provide both financial and non-financial support to excellent startups, in addition to creating jobs.

They also pledged to cooperate closely to promote entrepreneurship, including jointly organizing startup consultation events and Demo Days. They promised to enhance technical consulting to improve the technological competitiveness of SMEs and to engage in mutual support for the exchange of professionals and development of talent.

Chairman Yoon Dae-hee said, 'Through the establishment of a cooperative model with JBNU, we will take the lead in realizing social value by creating a youth startup ecosystem and revitalizing the regional economy. In particular, university-centered entrepreneurship promotion with strong infrastructure is essential for economic recovery and resolving youth unemployment, and through close cooperation we will make every effort to achieve tangible outcomes for regional development.'

In response, President Kim Dong-won said, 'This agreement with the Korea Credit Guarantee Fund presents a brilliant opportunity for development through the globalization of startups related to the Fourth Industrial Revolution, university technology holding company portfolio firms, and companies based in startup incubation centers.' He added, 'JBNU will actively leverage its research capabilities and resources to work with the Korea Credit Guarantee Fund to establish a sustainable mutual cooperation system for the Jeonbuk region.'