Incheon Kicks Off Fostering Prospective Unicorn Companies... Matching 30 Startup Park Tenants with Support Organizations

Songdo Tomorrow City, where Incheon Startup Park is being developed
[Photo by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] As the matching between tenant companies of the Incheon Startup Park, opening at the end of this year, and the accelerators (startup planners: AC) supporting them begins, efforts to nurture prospective unicorn companies in the Incheon area are gaining momentum.

The Incheon Free Economic Zone Authority announced on the 26th that it held a matching day between 30 companies selected for the 'Boost StartUp Journey' program, scheduled to move into the Startup Park, and 6 ACs, forming dream teams for each AC.

Previously, the Incheon Free Economic Zone Authority selected six ACs: CNT Tech, NP Fifteen Partners, Wise Planet Company, Incheon Center for Creative Economy and Innovation, Pacemakers, and Hebron Star Ventures.

Specialized ACs in core fields of the 4th Industrial Revolution, including smart cities and bio-convergence, each take charge of five promising startups and will assist tenant startups over the next six months through accelerating programs such as mentoring, networking, sales expansion, and strengthening investment attraction capabilities.

They will also provide step-by-step customized programs and make direct investments in at least three tenant startups.

This support program for companies residing in Incheon Startup Park is linked with demand-based startup product development projects (about 800 million KRW) and university-linked scale-up projects (about 500 million KRW), and is expected to greatly contribute to strengthening startups' demonstration, investment, and global capabilities.

Meanwhile, Incheon Startup Park, established in Tomorrow City, Songdo International City, is a startup cluster space where innovators such as entrepreneurs, investors, universities, and research institutes network in an open space through public-private collaboration.

It consists of Startup Tower I, where startups and ventures conduct mutual exchanges and research ideas through privately-led nurturing programs; Startup Tower II, which provides programs from related companies and institutions to exclusively nurture public-led innovative ideas; and Healing Tower, a convenience facility and collaborative shared space.

The Startup Park project, which the Ministry of SMEs and Startups is focusing on, aims to build an open innovation startup hub similar to Silicon Valley in the U.S., Zhongguancun in China, and Station F in France.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, said, "With the matching between ACs and tenant companies starting at Incheon Startup Park, the drive to nurture unicorn companies has begun," adding, "We will actively support the growth of startups into global unicorn companies through various projects, including the development of programs necessary for startup growth."

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