Seoul Business Agency Opens Recruitment for Hardware Startup Incubation Program
Up to 5 Million Won Support Per Team... Must Demonstrate Prototype After 5 Months of Support
[Asia Economy Reporter Junhyung Lee] The Seoul Business Agency (SBA) announced on the 8th that it is recruiting teams to apply for the hardware startup accelerating program 'T-STARS'.
Eligible applicants are prospective startup teams or startups less than three years old, consisting of at least one hardware or software developer, 3D modeler, planner, etc. The applying teams must be able to demonstrate the basic functions of their final hardware.
T-STARS has been a hardware startup nurturing project based on electrical and electronic technology conducted at SBA G·CAMP since 2019. Until last year, a total of 40 teams were selected and supported with preliminary capability training, prototype consulting, hardware and software development mentoring, and crowdfunding preparation. Last year, five products raised approximately 160 million KRW in funding.
During the five-month prototype production support period, SBA provides up to 5 million KRW per team and offers space within G·CAMP for product development. Additionally, up to 4 million KRW per team is supported for producing promotional videos for crowdfunding. After the five months of support, teams must be able to demonstrate their prototypes.
This year, a total of 23 teams will be selected and supported: 14 hardware startups related to electrical and electronic fields, 4 teams upgrading existing AI and robotics products, and 5 teams developing DIY (Do It Yourself)-type general maker-oriented products. The application period is until the 19th.
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Moon Guseon, Head of the Base Support Division at the Seoul Business Agency, said, "The T-STARS project provides an environment where startups leading the 4th industrial revolution can improve their technology not only through financial support but also through multifaceted professional mentoring." He added, "(T-STARS) will establish itself as a project that discovers and nurtures excellent startups in G-Valley and contributes to regional economic development as an outstanding hardware nurturing program that will lead the future."
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