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South Korea's state-run Gwangju Institute of Science and Technology and Microsoft Corp. will collaborate to help local small and medium enterprises (SMEs) expand into overseas markets.
The project is part of the Microsoft-Ministry of SMEs and Startups program.
Under the arrangement, 6.15 billion won was earmarked this year to assist startups specializing in artificial intelligence (AI).
Microsoft is tasked with offering know-how in product development, securing US investment, and consulting, while GIST will handle technology transfer, personnel training, and local investment.
Each of around 30 SMEs with AI growth potential is set to receive an average of 170 million won in support this year.
Those with more growth potential can receive up to 400 million won for research and development for two years.
South Korean companies are expected to benefit from the program through faster technological growth, securing investments, and going overseas.
GIST has provided support to 16 companies in the past five years and secured 20 billion won in as of 2019, which have been used to assist businesses.
