On October 15 , the Global Entrepreneurship Center(GEC) at Hanyang University(HYU) opened the Alumni Support Venture Center(ASVC) to support start-up businesses. It is the first time in Korea for the university to cooperate with its alumni to support start-ups. Not only Hanyangians but anyone who has newly opened a venture business can apply for this program as a mentee. ASVC provides new start-ups with free office space located in the Hanyang Institute of Technology(HIT) building and an opportunity to attend a coaching program with experts, and participants can receive financial support.
The first period of its application will take place from November 11 to 30. One to three years of free office space at HIT and professional mentors are given to the participants. Also, new venture businesses can also gain investment opportunities.
The launch of ASVC follows a nationwide initiative encouraging universities with venture incubation centers to support start-ups in their early stage. “Existing venture incubation centers only provided office space at low costs, and they did not give any practical help to launch start-ups. However, HYU is leading the field with a new type of venture incubation model which seeks to overcome previous limitations,” said Lee Mi-seon, an Official of Business Incubation at GEC.