Telecom regulatory, Google join hands for startups

South Korea's telecommunications watchdog said Tuesday it has clinched a preliminary deal with Google Inc. to help nurture local Internet startups and promote their advances into overseas markets. The Korea Communications Commission (KCC) said in a statement that the deal is designed to set the stage for individuals and firms with creative and innovative ideas to establish startups. Google plans to provide advice, personnel and funding as part of efforts to support a startup nurturing program spearheaded by the KCC. It will also help local Internet firms sell their ideas and services in overseas markets by providing opportunities to work with global tech firms in Silicon Valley. The move follows a meeting in November between Google Executive Chairman Eric Schmidt and President Lee Myung-bak in Seoul, according to the KCC. Google, which is likely to channel more than US$1 million for the program, hinted it may invest further, but declined to comment on details. "Google developed from a start-up. We're well aware of the importance of nurturing start-ups," said Doug Yeum, managing director of the Korean unit of Google. He said that beyond financial support, Google will try to provide the necessary back-up support for local start-ups to make inroads into overseas markets David-John Collins, vice president of Google's global communications and public affairs said his company sees Korea as "an important strategic" market and seeks long-term investment in the country. He said it is sensible to continue to invest in Korea, considering the importance of Google Korea and the growing power of South Korea as a tech leader in global markets. The KCC said it will unveil details of the program and what criteria potential start-up candidates should fulfill in February.