Incheon TP Selects 19 Companies for Early Startup Package Competition... Up to 100 Million KRW in Commercialization Funding

[Asia Economy Reporter Park Hyesook] Incheon Technopark (Incheon TP) is focusing on supporting the growth of startup companies within three years of establishment that possess advanced technology and promising items.

Incheon TP announced on the 25th that it was finally selected as a supporting organization for 19 companies through the recent 'Early Startup Package' project contest hosted by the Ministry of SMEs and Startups and the Korea Institute of Startup & Entrepreneurship Development. A total of 191 companies applied, showing a high competition rate of 10 to 1.

Incheon TP provides funds for commercialization such as prototype production, intellectual property acquisition, and marketing, supporting up to 100 million KRW per company.

Additionally, it plans to offer customized mentoring, networking, market development support, as well as investment consulting and opportunities for attracting investment such as crowdfunding.

Previously, Incheon TP, selected as the main institution for the Early Startup Package project by the Ministry of SMEs and Startups last year, selected 15 supported companies through the contest and helped them enter domestic and overseas markets and develop sales channels. It is also contributing to the creation of a startup ecosystem by establishing a fund worth 44 billion KRW for early startups together with Incheon City.

An Incheon TP official stated, "Many startups are struggling with management difficulties due to COVID-19," and added, "We will do our best to support the growth of startups through the Early Startup Package so that the startup ecosystem in the Incheon area can be revitalized."

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