The 1st POSTECH Fund Establishment Ceremony
[The University for Venture Support – The First and Largest Private Fund
Creation of new markets and jobs for the betterment of the local community]
POSTECH has embarked on its new voyage to create real-world socioeconomic value through job creation and entrepreneurial activities upon its 30 years of research-oriented foundation.
On February 26, Dr. Doh-Yeon Kim (President of POSTECH), Hosung Hwang (CEO of QUAD Investment Management), and Prof. Young Chul Sung (Chairman of Genexine) convened at the Seoul Startup Hub for the Establishment Ceremony of the 1st POSTECH Fund. With a value of KRW 53.5 billion, this venture support fund was jointly established by the University and private investors, and is the first of its kind.
The Fund began with a stock donation of KRW 10 billion by the founder of Genexine—Prof. Young Chul Sung (POSTECH Division of Integrative Biosciences and Biotechnology). Once POSTECH declared that the fund will be utilized to invigorate and support startups, additional investments poured in from members of the private and corporate sectors who had faith and confidence in the research capacity of the University. The Fund will focus on startups in the biotechnology, health care, and IT fields along with other startups based on technology owned by POSTECH, and will be managed by QUAD Investment Management.
At the initial phases, POSTECH, through the KRW 5 billion fund managed by POSTECH Holdings, encourages the entrepreneurial activities of students and members. For the startups that demonstrate solid business feasibility, the University will facilitate additional investments through the POSTECH Fund, effectively providing a continuous investment system throughout the early stages of establishing a startup.
POSTECH has spearheaded the creation on the Fund to energize entrepreneurial activities of both members of the University and the local community. Furthermore, POSTECH anticipates the creation of a virtuous cycle where successful startups invest in POSTECH, much like Genexine. This cycle is the actualization of the Value Creating University vision that aims to create Socioeconomic Value by connecting Human Value and Knowledge Value to entrepreneurship and job creation.
Doh-Yeon Kim, the President of POSTECH, explained, “There are many people who dream of establishing a successful company, but the risk of failure compounded by the many instances of the sheer difficulty to recover economically from such a failure has served as a barrier from entrepreneurial activities. The 1st POSTECH Fund will serve as a solid support system for not only members of POSTECH but all young visionaries to realize their startup goals.”
President Kim also remarked that “The 1st POSTECH Fund will play a vital role in the fostering of a healthy startup ecosystem based on the outstanding Human Value and Knowledge Value of the University. POSTECH looks forward to the creation of high-value industries such as biotechnology and health care around the campus that will contribute to the local economy.”