Gyeonggi Economic Science Institute Provides Up to 30 Million KRW Support for Shared Enterprise Development

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will select about 15 'shared companies' and provide up to 30 million KRW in funding per company.

The sharing economy is an economic model based on collaborative consumption, where produced products or assets are shared and used with others. It maximizes resource utilization through sharing and enhances economic, social, and environmental values. Uber, Airbnb, and WeWork are representative examples.

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency announced on the 20th that they will select 15 companies to participate in the '2020 Shared Company Discovery and Nurturing Project' and will accept applications until the 2nd of next month.

This project aims to spread the sharing economy within the province and revitalize the local economy by discovering promising shared companies with high growth potential and providing one-stop support for a series of processes from commercialization to investment attraction to ensure successful market settlement.

The Gyeonggi Economic Science Promotion Agency will provide selected companies with 20 to 30 million KRW in funding for item development, promotion and marketing, intellectual property registration, tax and accounting bookkeeping services, and other expenses.

Additionally, they will support investment attraction through IR mentoring and demo days linked with private accelerators, as well as integrated online and offline promotion and startup space support.

The agency also offers excellent participating companies the opportunity to receive commercialization funding again the following year.

The recruitment target includes companies (including organizations) operating profit businesses based on the sharing economy model or prospective entrepreneurs. They must be small and medium enterprises within 7 years of establishment in the province or prospective entrepreneurs preparing to start shared companies in Gyeonggi Province.

Companies or prospective entrepreneurs wishing to participate in the project can apply online by submitting a business plan through the Gyeonggi Startup Platform (www.gsp.or.kr).

Meanwhile, last year, the province and the Gyeonggi Economic Science Promotion Agency supported 20 shared companies, resulting in the creation of 37 new jobs, sales of 1.5 billion KRW, and achievements of 2.6 billion KRW in guarantees and investment attraction.

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