[July 8, 2014]

YU (President Noh Seok-kyun) reopened the Business Incubator Center known as the 'Start Venture Cradle' after making expansions.

 In the afternoon of the 7th, YU held the opening ceremony for the new Business Incubator Center with the attendance of Daegu-Gyeongbuk Small & Medium Business Administration Director Kim Heung-bin, Gyeongbuk Provincial Office Creative Economy Department Director Song Gyeong-chang, and Daegu R&D Special District Director Bae Yong-guk, and promised to increase support to promote venture start-ups. With the opening of the new hall in which approximately 2.5 billion won was invested in, including 1.4 billion won in national and provincial funding by being selected for funding as an 'Excellent Venture Fostering Center Expansion Project' by the Small & Medium Business Administration in April 2012, the YU Business Incubator Center has now procured a total of 70 business incubator offices.

 This is good news for 'start-up' businessmen who are dreaming of successful venture start-ups. Since it was founded in December 2000, it graduated small, but strong venture companies such as Jamova CLS, a voice recognition engine developer, and Ceratrak, a high tech textiles machines parts developer. In 2007, it gave birth to Iricom, an optical parts module manufacturing company that became listed in KOSDAQ by posting sales of 15 billion won, and gave birth to other great stories of successful ventures.

 Such successes were possible thanks to the specialized support program of the YU Business Incubator Center. Rather than stopping short simply with BI (Business Incubator) functions, it offers a 'total business incubator system' that provides full support from BI to technological development and even to growth (Post-BI). The 'incubating doctor program' in which professors offer customized support, installation of joint display and sales areas of products, and marketing support amounting to 30 million won every year are some surprising support measures provided by the YU Business Incubator Center.

 Furthermore, it offers necessary spaces and facilities such as meeting rooms, seminar rooms and design cubes (marketing support) to tenant companies, as well as consulting and mentoring in various fields (venture, management, accounting, tax, laws), as well as technological consulting, support for acquiring intellectual properties, support in link with government support projects, industry-academic cooperation support with colleges, and all other necessary support for venture start-ups through a 'one-stop system'.

 In result, the total sales of the 28 tenant companies as of December 2013 amounted to 9.738 billion won, while new jobs increased by 36.2% compared to the previous year. As of the end of June in 2014, there are 44 tenant companies, which is an increase by 16 in just six months. Also, with the opening of the new Business Incubator Center hall, it is expected that up to 70 companies will move in. In particular, the YU Business Incubator Center offers special benefits to current students to promote a culture of starting up venture businesses within the school. A student venture support room (club support room) is offered free of charge to current students active in venture clubs, and for venture founders (student venture, professor venture), rent is cut by up to 50% for up to one year.

 On, this YU Industry-Academic Cooperation Team Director Park Jin-ho said, "While the efforts of venture founders are important for boundless ideas and a fearless spirit of taking on challenges to lead to venture start-ups, in the initial stages, government and institutional support are also important." He added, "We will continue to provide support so that venture businesses, which will be the roots of the creative economy, will establish a stronger foothold and graduate in search of bigger dreams."