KAIST’s College of Business will establish the Silicon Valley Innovation Platform (SVIP) to help prospective young startup founders and their venture companies do business in the United States. The college will cooperate with the US Market Access Center (US MAC) and provide offices and mentoring services by its professors for the companies. The primary role of SVIP will be to aid Korean companies in advancing abroad and its ultimate goal is to develop into an incubating center that nurtures Korean technology companies. SVIP is open to all youth startup founders in Korea with a venture company or a business plan.

To promote the youth startup culture, KAIST plans to get the funding for SVIP through donations. Fundraising for donations will be held at Incujector, a social funding company. The target figure is 50 million Korean Won, and if it is met, the fund will be given to the College of Business, but if the figure is not met, the fund will be given back to the donators. Donators will be rewarded based on the amount of their donations.

Depending on the donation figure, the SVIP project will progress in three steps. First, SVIP will initially be allocated to US MAC, where many start-up companies are located. Then, SVIP will move out to an independent warehouse and will renovate it for commercial use. Finally, SVIP will build an independent building in Silicon Valley.

While the figure was set at 50 million Korean Won, the figure was originally set at 300 million Korean Won. However, the social funding’s unique method donation method was not suited for large donations. Although the target figure was lowered, the College of Business encourages donations above the target figure.

Professor Kim Soung-Hie, the project manager, said that KAIST’s College of Business wanted to help prospective young startup founders transition from their difficulties in the ideation step to the actual founding of the companies.

The College of Business plans to utilize SVIP as a base for cooperating with on-site companies and will also support overseas training in Advanced Management Programs and Master of Business Administration courses.

For more information on the social funding project, visit http://incujector.com/project/view.php?num=272.