Seoul City Supports 41.5 Billion KRW for Technology R&D of Small and Venture Companies

The exterior view of 'Seoul Bio Hub' located in Hoegi-dong, Dongdaemun-gu, Seoul.

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government will invest 41.5 billion KRW this year to support research and development of new growth technologies and technology commercialization for small and venture companies.

First, among the companies residing in the 46 startup support facilities directly operated by the city, 15 companies will be selected annually to receive up to 100 million KRW for product technology research and development costs for up to one year. Both the support period and scale have been doubled from the previous 6 months and 50 million KRW.

A technology matching project will also be conducted to solve technical difficulties by matching experts. About 100 cases will be supported with up to 2 million KRW per case for Campus Town startup companies.

The city will also invest a total of 13.9 billion KRW for R&D support, including up to 500 million KRW for 'Seoul Bio Hub,' which is being developed as an advanced base for responding to the 4th Industrial Revolution, 3.9 billion KRW for the Yangjae Artificial Intelligence (AI) Hub, 2 billion KRW for G-Valley, and 2 billion KRW for revitalizing the Dongdaemun fashion commercial district.

A total of 7.7 billion KRW will be provided to support technology commercialization for small businesses and startups.

A total of 16.4 billion KRW will be allocated for events such as the Seoul Global Challenge and Seoul Innovation Challenge, which provide companies with product demonstration opportunities.

Kim Ui-seung, Director of Economic Policy at the Seoul Metropolitan Government, said, "We will actively support technology development tailored to the characteristics of industries and companies to enhance product competitiveness and market distribution power."

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