POSCO, the country’s leading steel producer, said Thursday it would create an Idea Marketplace for venture firms to trade business concepts to help small and medium enterprises.

The marketplace mirrors a mechanism widely used in Silicon Valley, where startup hopefuls pitch ideas to potential investors, getting advice from experts in related fields and building human networks.

POSCO said it would host an event at its Seoul office every quarter starting Oct. 6 after reviewing the feasibility of proposals. Those who want to participate can sign up at www.onoffmix.com until Sept. 22. Only selected applicants will be invited.

The company also plans to provide some promising innovators with training and consulting services as well as office space and other necessary infrastructure.

“The marketplace will provide a fresh model of ‘shared growth’ by invigorating the establishment of venture companies and developing new business areas,” POSCO said in a statement.

“The company is expecting to boost economy and create jobs through the program.”

The world’s fourth-largest steelmaker has been stepping up support for SMEs in line with the government’s efforts to eradicate the lopsided relationship between large corporations and their smaller partners by adopting fair trade policies and funding their facility upgrades as well as research and development projects.

By Shin Hyon-hee (heeshin@heraldcorp.com)