Gyeonggi-do Launches Initiative to Discover Promising Startup Companies

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is launching a search for promising startup companies with creative ideas and excellent innovative technologies through a contest.

The Gyeonggi Center for Economic and Scientific Advancement announced on the 5th that it is recruiting prospective and early-stage entrepreneurs to participate in the "New Gyeonggi Startup Contest 2020" until the 29th of next month.

The New Gyeonggi Startup Contest is a startup support competition held since last year by Gyeonggi Province during the 7th local government term, aiming to realize the activation of a fair startup ecosystem by discovering and nurturing excellent startup companies.

Eligible participants are prospective entrepreneurs or early-stage entrepreneurs within three years of establishment who have startup items related to technology and knowledge industries.

The province will select 30 teams to advance to the finals through document and face-to-face evaluations. Then, through the final competition held in September, 5 teams will be selected and awarded a total prize of 80 million KRW along with various benefits such as support for participation fees in overseas expansion programs and preferential treatment for special guarantees from the Gyeonggi Credit Guarantee Foundation.

In particular, the province will separately award re-entrepreneurs who have previously closed businesses that operated for more than six months, based on their competition results.

Park Sang-deok, head of the Startup Support Division of Gyeonggi Province, explained, "This startup contest focuses on strengthening practical startup capabilities through various supports necessary for startups," adding, "We expect it to serve as an opportunity to raise interest in startups and enable excellent startup and re-startup companies to achieve stable independence and high growth."

This content was produced with the assistance of AI translation services.