The Ministry of Science and ICT & NIPA Supports Tailored Programs to Strengthen the Global Capability of Korean Metaverse Companies!

LOS ANGELES, CA, September 28, 2022 /24-7PressRelease/ — The Ministry of Science and ICT and the National IT Industry Promotion Agency (NIPA) will develop metaverse companies with global competitiveness in mass through support tailored for Korea’s metaverse and XR content focused companies.

This business is a systematic part of the ‘New Metaverse Industry Leading Strategy’ announced jointly by the entire government this January, focused on developing global specialists that can lead the future metaverse industry. Currently, Korean startups and SMEs are struggling not only in adapting to the metaverse centered changes in businesses, but also in investments. This business is expected to industrialize systematically and professionally, as well as provide new opportunities for growth.

The ‘Global Capability Improvement Support Business’ which has a scale of 11.9 billion KRW, categorizes companies hoping to expand overseas based on stages of growth, separating them into initial entry, mid-term takeoff, and leading expert companies. In addition, a total of 70 companies (initial entry-30, mid-term takeoff-30, leading expert-10) will be selected, and the global competitiveness of Korean metaverse and XR content related companies will be secured through programs tailored by stage.

In particular, applicants will be provided with various support programs for expanding into foreign markets, such as technology development, manpower matching, investment attraction, as well as other various consulting programs ‘Initial entry companies’ will be supported with crowdfunding and content marketability verification programs to help secure initial investments, and ‘mid-level takeoff companies’ will be supported with discovering and matching with overseas sources of demand, as well as receiving business opportunities. Finally, ‘leading expert companies’ will receive focused support with business funds for things like joint collaboration between Korean platform companies and overseas content companies.

Meanwhile, the 2022 Metaverse Content Global Capability Improvement Support Business plans to promote K-Metaverse brands and promising Korean companies and boost the reputation of the Korean XR industry by attending various global exhibitions. Detailed information on attending companies can be found on the ‘K-Metaverse 2022’ homepage.

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Source: Financial Content