Seoul Startup Hub Accelerates Startup Support with POSCO... Up to 500 Million Investment

Applications open until the 14th of next month... Prospective entrepreneurs and corporations established less than 3 years
POSCO IMP, launched in 2011... Invested 21.4 billion KRW in 114 ventures and startups

[Asia Economy Reporter Lee Junhyung] Seoul Startup Hub announced on the 18th that it is recruiting startups to participate in the 'POSCO Idea Market Place (IMP)' program until the 14th of next month. This program was established following an agreement signed with POSCO in December last year to discover and nurture startups.

IMP is POSCO's technology-based startup accelerating program that discovers promising early-stage startups and supports their value-up. The goal is to build a virtuous cycle venture platform where excellent startups grow and foster other startups. Since the program's launch in 2011, it has discovered 114 outstanding ventures and startups and invested a total of 21.4 billion KRW.

Seoul Startup Hub and POSCO support the entire business process of ventures and startups, from the idea stage to business model establishment, investment, and post-management. In this process, they link and cooperate with each institution's 'discovery-investment-nurturing' programs. The recruitment target is prospective entrepreneurs from all industrial fields or early-stage entrepreneurs who have established a corporation within the last three years. Seoul Startup Hub and POSCO select supported companies through document evaluation, first and second face-to-face evaluations, and company due diligence assessments.

The finally selected companies receive various support benefits. Seoul Startup Hub provides support for ▲commercialization (POC) ▲global expansion ▲office space residency qualification. POSCO offers benefits such as ▲investment for all selected teams (seed money of 100 million to 500 million KRW) ▲TIPS recommendation for outstanding teams at the IMP Demo Day ▲POSCO Biz support ▲customized mentoring through linkage with POSCO Venture Fund and dedicated coordinator support ▲office space residency qualification at POSCO Startup Incubation Center.

A Seoul Startup Hub official stated, "We will strengthen support for startup growth through networking with large corporations so that excellent startups can secure future markets."

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