Jeonbuk National University (JBNU) and other regional national universities, the Ministry of Education, and IBK Industrial Bank of Korea signed a memorandum of understanding to support the commercialization of technologies held by universities and to foster the startup ecosystem through linked development and investment support and improvements to the university education environment.

The Council of Presidents of Regional National Universities (Chair: Kim Jeong-gyeom, President of Chungnam National University), the Ministry of Education, and IBK Industrial Bank of Korea signed the 'Memorandum of Understanding for the Commercialization of University Innovative Technologies and Support for Regional Startup Ecosystems' on July 28 at the IBK head office in Euljiro, Jung-gu, Seoul.

About 30 people attended the signing ceremony, including Kim Jeong-gyeom, Chair of the Council of Presidents of Regional National Universities; Yang O-bong, President of JBNU; presidents from nine regional national universities; Choi Kyo-jin, Minister of Education; and Jang Min-young, President of IBK Industrial Bank of Korea.

The agreement was established to link outstanding university research achievements to technology transfer and commercialization, and to promote regional innovation and national competitiveness by expanding investment in and financial support for university technology holding companies and start-up firms.

In particular, it is significant that the Ministry of Education's industry–university collaboration policies, IBK Industrial Bank of Korea's financial and investment capabilities, and the research and development capabilities of regional national universities will be organically linked to revitalize the university startup ecosystem and support innovative growth of regional industries.

Under the agreement, each institution will cooperate to ▲Promote University Technology Commercialization ▲Support the Growth of University Technology Holding Companies and Start-ups ▲Provide Investment In and Financial Support For Start-ups ▲Create Regional Innovation Startup Ecosystems ▲Establish Follow-up Cooperative Systems for Technology Commercialization.

After the agreement, a working-level consultative body will be formed to identify detailed cooperative projects that reflect each university's technology commercialization strategies and regional industrial demand, and to continuously implement start-up investment and growth support programs centered on university technology holding companies.

Regional national universities lead regional innovation as research-focused institutions representing their regions, based on excellent research achievements and professional personnel. Through this agreement, it is expected that outstanding regional technologies will lead to start-ups and corporate growth, further strengthening a virtuous-cycle innovation ecosystem that creates quality jobs and new industries in the regions.

Kim Jeong-gyeom, Chair of the Council of Presidents of Regional National Universities, said, 'This agreement will be an important turning point in connecting university research achievements to regional growth drivers,' adding, 'Going forward, regional national universities will take the lead in activating university technology holding companies and supporting the growth of start-ups so that excellent research outcomes can contribute to regional industrial development as core hubs of regional innovation.'