A tech startup established by college students will set up an office in Silicon Valley through a global incubating program, Yonsei University in Seoul said on Monday.
The startup, named Newology, has grabbed the chance for generous support and expert mentoring from Plug & Play, a major global incubating program that had nurtured famous companies such as Paypal and Dropbox.
Newology will move to the office in the Plug & Play Tech Center in Silicon Valley, the very heart of promising startups touting innovative business ideas and technologies.
The company was established in July and it has seven employees.
Under the incubating program, the Korean college student startup will receive support in marketing, intellectual property rights and legal and accounting services.
Newology previously won the entrepreneurship contest called “Global K-Startup,” getting 100 million won in prize money, cloud-based infrastructure and technology support.
Korean universities are trying to form networks with institutions in Silicon Valley. For instance, Sogang University is planning to offer incubation programs in Silicon Valley in collaboration with Stanford University. Hanyang University is also aiming to set up a similar program with the Ewing Marion Kauffman Foundation and New York Institute of Technology to provide such programs in the region.
By Yoon Ha-youn, Intern reporter