Hanyang University has become the first college in the nation to establish a technology holding company on its campus.

The Ministry of Education, Science and Technology said Friday that it authorized Hanyang's establishment of the holding firm.

Around three-and-a-half billion won in capital from technologies developed by the university was injected into the creation of the holding company.

The system for colleges to house technology holding companies was introduced for the first time this year. The project is aimed at having universities strengthen research and development capability through profitable businesses.