IBK Industrial Bank, Startup Support Program 'IBK ChangGong' Demo Day Held Online

[Asia Economy Reporter Kim Min-young] The startup incubation program ‘IBK Changgong’ operated by IBK Industrial Bank of Korea will hold its demo day online.

On the 9th, the bank announced that it will conduct the final event of the ‘IBK Changgong’ accelerating program, which has been running for five months since January, online to prevent the spread of COVID-19.

Since the first half of the year, the bank introduced an ‘integrated semester system’ that simultaneously selects and nurtures companies in three locations: Mapo-gu and Guro-gu in Seoul, and Busan. It discovered 10 companies per center, totaling 30 companies.

The bank distributes pre-recorded company introduction (IR) pitching videos to major investors and related organizations. Feedback from investors and requests for business partnerships are communicated to the companies in real time.

Since 2017 until the first half of this year, IBK has nurtured 182 companies. It has supported financial services such as investment and loans worth 100.8 billion KRW, and non-financial services including mentoring, consulting, and IR a total of 2,172 times.

Additionally, tailored programs for prospective entrepreneurs and companies aiming for overseas expansion are being prepared to support the growth stages of startups and venture companies.

An IBK official stated, “Even after the demo day, we plan to provide continuous follow-up management such as offering investment attraction and networking opportunities to Changgong graduate companies,” adding, “We intend to actively introduce support systems suited to the startup life cycle to contribute to the creation of a startup growth ecosystem.”

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