POSTECH held the POSTECH No.1 fund establishment ceremony at the Seoul Startup Hub in the Seoul Business Agency on Feb. 26. President Kim Doh-Yeon, the president of the QUAD Hwang Ho-sung, and the chairman of Genexine, Sung Young-chul were in attendance. This fund was first established through colleges and private sources to support venture companies, which record a maximum capital scale of 53.5 million KRW. This fund started from ten million won worth of stock, which was donated by professor Sung Young-chul. POSTECH wanted to use this donation to vitalize start-ups, and with many companies and individual investors, the fund supporting start-up teams were launched. This fund invests in companies that are based on biotechnology, healthcare, IT and technologies from POSTECH, that are managed by QUAD. In the start-up beginning phase, POSTECH induces students and members to start a new business using five million won of college foundation funds. After choosing the potential company, POSTECH supports these companies through the POSTECH No.1 fund, thus opening up these companies to be invested in during the whole start-up phase. The purpose of this foundation is to activate venture start-ups of members and others in the Pohang region. Furthermore, POSTECH looks forward to a virtuous cycle, which means that the companies that are supported through the fund invests in POSTECH again. This cycle also means virtualization of a ‘value creating college’ through linking human and knowledge resources to job creation. President Kim mentioned that “There are many members that dream of a start-up, but, are also afraid of ruin after a business failure. I wanted to make a strong support system that helps many after the initial start-up phase. He also said that “POSTECH No.1 fund serves as a great help to the start-up ecosystem based on outstanding human and knowledge values spawned through POSTECH. POSTECH looks forward to creating new markets and jobs in order to contribute to the local economy.”