SBA Supports Technology Commercialization for G-Valley and Fashion Tech SMEs... Total Scale of 3.2 Billion KRW

'G Valley Information and Communication Technology (ICT) Convergence Technology Commercialization Support Project'... Applications open until the 8th of next month
'Fashion Industry Convergence Technology Commercialization Support Project'... Applications open until the 6th of next month
Up to 200-300 million KRW in R&D funding per project

[Asia Economy Reporter Junhyung Lee] The Seoul Business Agency (SBA) announced on the 18th that it will promote the 'G-Valley Information and Communication Technology (ICT) Convergence Technology Commercialization Support Project' to create an innovative ecosystem in the G-Valley industrial complex. It will also promote the 'Fashion Industry Convergence Technology Commercialization Support Project' targeting small and medium-sized enterprises (SMEs) wishing to develop convergence technologies combining fashion and excellent information technology (IT). A total of 3.2 billion KRW will be supported, with 1.6 billion KRW allocated per project.

The goal of the G-Valley ICT Convergence Technology Commercialization Support Project is to develop convergence technologies applying ICT to commercialize new products and services. Applications are open until the 8th of next month.

SBA supports projects at the commercialization stage with technology readiness level 6 (TRL 6) or higher, capable of generating sales and overseas exports. Projects involving convergence with other industries can receive support regardless of the technology field. However, medical and bio sectors are excluded as separate technology commercialization support projects are already open for applications.

Consortia can participate, consisting of a lead organization from an SME located in G-Valley and cooperating institutions such as universities and research institutes. The lead organization must be registered in Guro-gu or Geumcheon-gu, Seoul, according to the business registration certificate, but cooperating institutions have no regional restrictions. SBA will give preferential points to projects where both lead and cooperating institutions are located in G-Valley, projects related to overcoming the COVID-19 crisis, and companies affected by COVID-19.

If finally selected, up to 200 million KRW in research and development (R&D) funds can be supported for one year. To attract excellent talent to the industrial complex, SBA allows up to 70% of the cash project budget to be spent on personnel expenses this year.

The Fashion Convergence Technology Commercialization Support Project aims to strengthen the competitiveness of the fashion industry and revitalize the Dongdaemun fashion commercial district. Only consortia with both lead and cooperating institutions participating can apply. Applications are open until the 6th of next month.

The support fields include technology convergence and commercial district revitalization. The technology convergence field covers all areas where innovative technologies such as fashion combined with artificial intelligence, virtual reality, and the Internet of Things are applied. The commercial district revitalization field targets the establishment of systems and platforms to revitalize the fashion commercial district.

If finally selected, R&D funds for personnel expenses, prototype production, testing, and certification for technology development and commercialization will be supported for one year. SBA will give additional points to companies affected by COVID-19 and others.

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