A new initiative has seen a Memorandum of Understanding (MOU) between Kyungil University and Chilgok-gun (Chilgok County). The MOU involves the granting of financial grants to aid entrepreneurs wishing to start up their own business. Kyungil University has already established itself as a springboard of start-up businesses, and in 2013 was deemed the best University in Korea for promoting said kind of business ventures. Moreover, it beat 18 other universities for this prestigious award. This is in large part due to its intensive programs in Computers, English, Business and commerce, TOEIC etc.

     As part of this unique MOU, Kyungil University offers sponsorship and a professional advisory role to Chilgok-gun’s business promotion initiatives. This concord between county and university greatly benefits and enhances the unique culture of Gyeongbuk province and furthers its already vibrant economy. The MOU’s main goals are to make Gyeongbuk a hub of start up business projects, particularly in sports.

     Kyungil University receives an annual sum to inject into its programs focused on start-up businesses, and for developing new ideas for the MOU with Chilgok-gun. Chilgok-gun itself, received 120 million KRW to aid 18-39 year olds seek out new technology and for to develop new groundbreaking ideas in sports. Additionally, due to an exceptional evaluation from the Korean Government on the 18-39 year-old start-up business initiative, Chilgok-gun recently received a grant of 420 million KRW to develop a further new project. The new financial package was used to dispense in the development of start-up sports businesses in the over 40 years of age category of entrepreneurs. The breakdown of money from this grant was used to provide office space and facilities etc. It was also used to offer 340 business-counseling sessions. Business start up sessions were given on 200 occasions, and special lectures on network training were held 30 times. Lastly, seminars on how to start up your own business were given on 25 occasions.

     With this exciting MOU between Kyungil University and Chilgok-gun, the province of Gyeongbuk is bound to prosper well into the 21st century. So far, there appears to be no limits for the innovative ideas amongst the entrepreneurs of the vibrant province of Gyeongbuk.