Korea's SMEs ministry plans to foster unicorn startups by providing guarantees

'혁신성장' 이끌 예비 유니콘에 최대 100억 지원The government plans to foster unicorn firms by providing guarantees of up to 87-million U.S. dollars.A unicorn refers to a privately held startup that is valued at over 1-billion U.S. dollars.The ministry of SMEs and the Korea Technology Finance Corporation will select 15 to 20 startups with great potential.Only firms that meet certain criteria are allowed to apply for the program.The move is expected to provide encouragement to local innovative companies.Meanwhile, the labor ministry announced plans to increase vocational training related to the newest technologies, including fintech and drones.