SK Group will provide 12.5 billion won ($10.82 million) to an MBA program over five years to help young entrepreneurs start up social enterprises, the conglomerate said Friday.

SK signed a memorandum of understanding on Thursday with the Korea Advanced Institute of Science and Technology to groom a second group of entrepreneurs through the institute's MBA program.

The SK-KAIST program was launched in 2012 with 9.5 billion won from the business group for a five-year curriculum. The first group of graduates had 34 enrollees, of which 31 started their own businesses. Eight of them received an investment of 1.1 billion won. The average age of these CEOs is 31.6, according to SK.

The fund from SK Group is used for scholarships, overseas education and research to help the students start social enterprises immediately after graduation. 

The company said the group chairman, Chey Tae-won, pledged steady support for the program, stressing that young businessmen need to actively participate in solving social issues. (Yonhap)