Hyundai charity to back startup hopefuls

Published : Nov 29, 2011 - 18:22 Updated : Nov 29, 2011 - 19:05

Asan Sharing Foundation, a charity founded by Hyundai Heavy Industries and its affiliates, launched an institution on Tuesday in Seoul to help nurture young entrepreneurs.

The institution is the maiden project for the charity, which was set up last month by Hyundai Heavy’s largest stakeholder, Rep. Chung Mong-joon of the ruling Grand National Party, and chiefs of the shipbuilder’s affiliates with 500 billion won ($435.8 million). Asan is the pen name of late Hyundai Group founder Chung Ju-yung.

Ruling party lawmaker Chung Mong-joon (fifth from left), Asan Sharing Foundation chairman Chung Chin-hong (second from right), Employment and Labor Minister Lee Chae-pil (fourth from right), Small & Medium Business Administrator Kim Dong-sun (far right), Soongsil University president Kim Dae-keun (fifth from right) and other participants cut the tape at a ceremony for the charity’s institution to support entrepreneurs in Seoul on Tuesday.

Located on the campus of Soongsil University in southern Seoul, the institution will support students hoping to start their own business by providing lectures, training and consultation for areas ranging from marketing to finance to operation, Hyundai Heavy officials said.

“The project embraces the group founder’s creative thinking and pioneer spirit and aims to help youth entrepreneurs become another Chung Ju-yung,” said Chung Chin-hong, a professor emeritus of Seoul National University and head of the foundation.

The charity plans to set up an additional 15 units of such institutions nationwide in the coming years and energize angel investment in collaboration with the Small & Medium Business Administration and government agencies and organizations, Hyundai officials said.

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