"Startup Incubation Center" Rent Reduced by 10-50%... "98 Centers Participating"
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 19th that startup incubators nationwide are reducing rent for startups struggling with management difficulties due to the impact of the novel coronavirus infection (COVID-19).
This "Good Rent Movement" is being carried out by temporarily reducing rent for an average of three months starting this month. As of March this year, approximately 6,270 startups are housed in 259 startup incubators nationwide. Among them, 98 startup incubators are reducing rent by 10-50% for 2,528 resident companies.
The Ministry of SMEs and Startups explained that this is to share the pain with startups facing management difficulties due to COVID-19, despite operating with rent lower than the surrounding market prices.
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An official from the Ministry said, "We express our gratitude to the startup incubators that voluntarily participated in the rent reduction this time," adding, "We will encourage more startup incubators to participate in the future and will not hesitate to provide policy support to these incubators."
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