A sponsor for venture startups, under the wing of Dankook University, is drawing attention because of its tangible results over the past few years.

Dankook University Startup Support Foundation, established in 2014, said its members had posted 28 billion won ($24.5 million) in cumulative sales as of the end of 2016.

Sales for the 2015-16 period grew substantially, compared to the first-year (2014) outcome of 1.8 billion won.


 

Its firms roll out products that are competitive, IT-integrated and futuristic.

The No. 1 in sales is Hello Factory, which has devised a tracking system for bicycles. Its wireless telecommunication device, dubbed “beacon,” enables consumers to trace their lost bicycles.

The venture firm has reaped annual sales of 380 million won on the back of active orders from conglomerates and public agencies.

Among those supported by the foundation are some North Korean refugees. A venture company set up by Yoo Hyun-seo from the North is rolling out fertile chicken eggs using organic farming skills.


 

A student startup club, called Alt-A, has offered a scheme that offers automobile alarms for “omnidirectional” blind spots for drivers.

The applicant group, composed of several individuals, has secured 100 million won of funding from state funds and others.

The foundation operates face-to-face mentoring services, global startup internships, pilot product exhibitions and investor relations programs, just to mention a few.

“As all applicants selected by the foundation are provided funds and administrative aid, they could pour all their energy into developing high-end products,” said a foundation spokesman.

The foundation is also active in offering startup programs for Dankook University students to encourage entrepreneurship.

More than 300 startup courses have been opened since 2014 with more than 10,000 students having participated. About 40 student startup clubs are operating, while each club can receive as much as 5 million won in sponsorships to be used for prototype productions and other expenses.

Dankook University President Chang Ho-sung said that “the performance of Dankook University Startup Support Foundation is aiming to become the cornerstone of landmark achievement in the venture segment, which will take a crucial part in terms of contributing to the national economy.”


 

Chang also said that “Dankook University will foster startup leaders through constant challenge and creations, who could take the initiative in the coming fourth industrial revolution.”

By Park Joung-kyu (khnews@heraldcorp.com)