Korea Credit Guarantee Fund (KODIT) announced on May 11 that it held a launch ceremony for NEST AI-Lab at NEST Gwangjin in Gwangjin-gu, Seoul, on May 8, marking the official launch of the facility as a specialized incubation space for AI startups.
NEST AI-Lab is a specialized incubation facility for AI startups created by completely remodeling KODIT’s Gwangjin Branch.
It is the first AI-specialized incubation space in the Northeast Seoul area run by a policy financial institution.
The place holds great significance in that the court formerly used by the KODIT Women’s Basketball Team has been reinterpreted as a space for innovation.
Approximately 100 people attended the event to celebrate the opening of NEST AI-Lab, including Financial Services Commission Chairman Lee Eok-won, officials from policy financial institutions and related organizations and startup representatives.
During the subsequent “Innovation Growth Jump-Up Roundtable,” participants listened to problems facing those in the field and explored practical financial and non-financial support measures for startups.
KODIT will provide innovative startups entering NEST AI-Lab with integrated, one-stop financial and non-financial services in addition to the office space.
In particular, KODIT expanded the Start-up NEST Program into an AI-specialized program, significantly extending the residency period from a maximum of one year to two.
Additionally, KCG’s on-site placement team and a private operator specializing in AI will be stationed there to provide close support for AI startups’ growth.
Moreover, by actively supporting technology commercialization such as pilot projects linked with research institutions and large corporations, KODIT will provide an essential long-term incubation system and customized specialized programs for AI startups.
Startup NEST which marks its 10th anniversary this year is KODIT’s flagship startup incubation platform.
Since its launch in 2017, the program has discovered a total of 1,510 promising startups through 2025, playing a pivotal role in driving innovative growth.
With this opening, KODIT has secured a total of six incubation spaces nationwide including Mapo (Front One), Busan, and Chuncheon.
This year, it will provide intensive support to a total of 38 companies including those in NEST AI-Lab.
Going forward, KODIT plans to strengthen collaborative partnerships with local governments and universities to establish an open cluster representing the eastern Seoul area centered around NEST AI-Lab.
Through this, it aims to build a startup support infrastructure comparable to that of the western region and complete a customized total support system for promising startups.
Signs Financial Support Agreement to Respond to Complex Economic Crisis
KODIT announced that it signed an inclusive financial support agreement to respond to complex economic crisis with Woori Bank on April 28.
This agreement was signed to resolve management difficulties and alleviate the burden of financial costs for small and medium-sized enterprises struggling with complex economic crises such as the Middle East war and a global economic slowdown.
Under the agreement, Woori Bank will contribute a total of 6 billion won (4 billion won in special contributions and 2 billion won in guarantee fee support) to KODIT and KODIT will provide agreement guarantees worth approximately 222 billion won using these funds.
The support targets companies facing growing management difficulties.
They are companies vulnerable to rising oil prices such as construction and transportation, export and import companies vulnerable to foreign exchange fluctuations and other companies suffering direct or indirect damage due to changes in domestic and international economic conditions.
Through the Special Contribution Agreement Guarantee, KODIT applies a 100% guarantee ratio for the first three years and reduces the guarantee fee by 0.3%p.
What’s more, through the Guarantee Fee Support Agreement Guarantee, it supports the guarantee fee by 0.7% per year for the first two years, thereby alleviating financial burdens on companies.
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