Gwangju City Launches Full-Scale Support for AI Startups and Growth

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 19th that it has finalized and will actively promote the 2021 AI-specialized startup and business growth support project in collaboration with the AI Industry Convergence Project Group.

The AI-specialized startup and business growth support project is part of the "AI-centered Industrial Convergence Complex Development Project" promoted by Gwangju City, the Ministry of Science and ICT, and the AI Industry Convergence Project Group. From last year until 2024, a total of 54.5 billion KRW will be invested to foster AI startups capable of creating AI products and services.

This year, with a budget of approximately 8.4 billion KRW, the project will enhance and diversify startup and business growth support programs for prospective entrepreneurs and startups related to AI.

In particular, the project plans to accelerate the growth of AI startups by implementing initiatives such as global AI product advancement support, which could not be carried out last year due to COVID-19.

The main projects include ▲ AI Startup Competition for prospective entrepreneurs with AI-related startup ideas ▲ AI prototype product and service production support for AI startups and prospective entrepreneurs ▲ regulatory relief consulting to resolve legal difficulties arising during the commercialization process of AI technologies and products.

Additionally, to address the biggest challenge for startups?fundraising?the project will strengthen companies' capabilities through consulting and mock IR programs targeted at AI companies.

Investment attraction briefings will also be continuously held to support matching with various investors.

Furthermore, to allow citizens to experience Gwangju as an AI-centered city, a global AI conference will be held in the second half of the year, enabling citizens and companies to share the latest AI trends and experience various AI products and services from local companies.

Details of this year’s AI startup support project can be found on the websites of the AI Industry Convergence Project Group and Gwangju City.

Son Kyung-jong, Director of the AI Industry Bureau of the city, said, “We will actively support the creation of an AI ecosystem where young people with good technology and ideas can come to Gwangju, the AI-centered city, with just a backpack, commercialize their products and services, and succeed.”

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