Modern society is encountering many changes with the acceleration of globalization and informatization. About this, the YU Business Incubation Center is actively confronting society's changes to help foster venture business through creative ideas and technical development. The center is making progress by bringing in a lot more business to YU and receiving support from an expanding High Grade Incubation Business Center.
What is YU Business Incubation Center?
The YU Business Incubation Center is promoting venture business competitiveness through new technology development and support. It was assigned by the small and medium business administration in 2000 and was established to contribute to the development of YU, its community, and the national economy. Also, it achieved to build an organizational system and an improvement of operation strategy in a short time and produced many excellent graduated business. It offers the best business incubation program for people who want to establish a venture business with YU faculty members and experts in various fields.
The current situation of the Business Incubation Center
The YU Business Incubation Center has received support from the Winding Project Excellent Business Incubation Center and by the Small and Medium Business Administration in April, 2012. It opened a new building and the old building was expanded. This construction was supported from national expenditure, local government, and its educational expenses in July 8th, 2014. During this increase, the number of business incubation rooms went from 44 to 77. In December 2013, 28 occupied firms’ total profit reached 9.7 billion won and its highest profit reached 30 billion won. Currently, the Business Incubation Center is largely occupied by the Industrial Technology Institute, the Second Factory Laboratory, and the newly opened business incubation center. It increased its effect on job creation by 36.2% and the proportion of the companies that gained profit has been raised to 71.4%.
The selection process of tenant business and criteria
Written examination: First, the documents that business submit are reviewed as a primary screening. They are evaluated based on the qualities of the founders and founding commitment, technological development capabilities, founding feasibility of items and the establishment of future plans. Occupancy condition should be less than of 3 years for new business.
Face-to-face examination: The CEO of the company that passes the written examination, must answer questions asked by technicians.
Graduation business selection: Tenant business can take place up to five years and finally they are evaluated on their performance through evaluations.
Total business incubation system through one-stop system
The YU Business Incubation Center offered a one-stop system to support start-ups by providing the space and facilities that they need, including meeting rooms, seminar rooms, design cube (marketing support) rooms to a variety of fields (entrepreneurship, management, accounting, tax, legal). Also they provide consulting and mentoring, technical guidance and acquisition of intellectual property rights via the support of the government and the Industry Cooperation and Support Business Association. Also, the center is providing a total business incubation system including technology development and growth (POST-BI). Notably, professors are also running Incubation Doctor which offers customized support.
Interview with graduated business, CMT
Q1) Please introduce your enterprise briefly.
A1) CMT was established in 2002. After that, CMT has researched and produced consumable components of tools such as screw, clamp, lever, and wrench. CMT is developing through its own technical skills and through continuous product research. CMT was rewarded more than 5 times for these achievements by the government.
Q2) How did you develop the item?
A2) The components of the cutting tools were import-dependent things. But, CMT succeeded in domestically producing these products with the assistance from the Small and Medium Business Administration.
Q3) What made you move to the YU Business Incubation Center?
A3) CMT collaborated on technical development of Industry-University consortium with a YU professor, Han Kwan-hee which was a success. Then, CMT moved to the center.
Q4) What is the most helpful supporting program at the center?
A) The marketing program was the most helpful. The center supported us to produce a catalog and provided an opportunity to take a part in a fair of venture competition with CMT. Therefore, these programs helped raise CMT’s brand recognition awareness locally and abroad.
Success in a business requires a solid foundation including start-up training and support as well as a brilliant founding idea. The YU Business Incubation Center is promoting students to walk one step closer towards their dream. It is also encouraging YU students to have entrepreneurship. It offers a free student business support office to students who are involved in a business circle and provides up to 50% discounts of the rent for one year to founders who are students and professors through examination. It hopes that young people who are interested in entrepreneurship achieve their dreams through systematic preparation and by receiving a lot of support.
