Incheon City Announces MICE Startup Support Project Contest... Business Commercialization Funds Doubled

'Korea MICE Expo 2019' held at Songdo Convensia, Incheon
Photo by Incheon City

[Asia Economy Reporter Park Hyesook] Incheon City is set to revitalize the MICE (Meetings, Incentives, Conventions, and Exhibitions) industry, which has been struggling due to the COVID-19 pandemic, by supporting promising startups related to MICE.

The city will hold the 'Incheon MICE Startup Support Project Contest' from the 24th of this month until the 22nd of next month, targeting startups with innovative MICE business ideas.

Selected companies through the contest will receive various programs such as commercialization funds, startup education, customized consulting, and promotional support. Especially this year, the commercialization support fund has been doubled to a total of 225 million KRW.

Accordingly, a total of 25 companies will be selected to receive a first-round commercialization support fund of 5 million KRW each, and among them, 6 companies will be chosen to receive a second-round commercialization support fund ranging from 10 million KRW to 30 million KRW on a differential basis.

Eligibility includes MICE companies located in Incheon, consisting of individual business owners (including prospective entrepreneurs) and small and medium-sized enterprises established within the last 7 years. The evaluation will comprehensively assess the feasibility of the business plan, business execution capability, contribution to the activation of Incheon’s MICE industry, expertise, and originality of the business item.

The contest covers all fields of the MICE industry. This includes international event and exhibition planning, MICE event design and installation businesses and services, MICE event support businesses such as corporate meetings and incentive tourism program operations, and technology startups combining various ideas such as IT, VR, and app technologies with MICE.

Companies wishing to participate in the contest can apply via email through the Incheon Tourism Organization’s operating office by the 22nd of next month.

An official from Incheon City stated, "Since the domestic MICE industry is experiencing unprecedented difficulties due to COVID-19, we have doubled the commercialization support fund for MICE startups. We will actively support early-stage entrepreneurs with customized consulting to help the MICE industry take root in Incheon."

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