Shin Yong Bo Jeung Gi Geum, Open Recruitment for the 4th Innovation Icon Cohort
The Largest Guarantee Support of 15 Billion KRW Among Startup Support Organizations
[Asia Economy Reporter Park Sun-mi] The Korea Credit Guarantee Fund announced on the 2nd that it is conducting an open recruitment for the selection of the 4th Innovation Icon until the 24th.
The 'Innovation Icon Support Program' is KODIT's representative unicorn nurturing program that discovers and supports startups with innovative business models that have the potential to grow into global unicorn companies.
Eligibility requirements include companies operating in new industries that have been established for more than 2 years and less than 10 years, with annual sales of over 500 million KRW and an average sales growth rate of over 10% for two years, or having attracted investment of over 2 billion KRW from institutional investors, and whose cumulative investment amount from institutional investors does not exceed 50 billion KRW.
In particular, from the 4th Innovation Icon, the maximum credit guarantee limit has been expanded from the previous 10 billion KRW to 15 billion KRW. Selected companies will receive ▲ credit guarantees up to 15 billion KRW for 3 years ▲ the lowest guarantee fee rate (0.5%) ▲ an additional 0.7 percentage point interest rate reduction through six partner banks ▲ and various non-financial services such as overseas expansion support, various consulting, and promotional activities.
Since last year through the first half of this year, KODIT has selected a total of 17 Innovation Icons in three rounds. Through its dedicated organization, the Intellectual Property Finance Center, it provided a total credit guarantee limit of 110 billion KRW and supported 12 customized non-financial services including overseas expansion, legal and labor consulting, and job matching.
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A KODIT official said, “Innovation Icon is a program that discovers small but strong innovative startups and supports their growth by providing integrated services through a dedicated organization,” adding, “We will spare no effort to provide full support so that companies can focus solely on their business until they become global innovative companies such as unicorns.”
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