Incheon City Announces MICE Startup Support Project Contest... Up to 30 Million KRW in Commercialization Funds

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City is actively supporting promising startups related to MICE (Meetings, Incentives, Conventions, and Exhibitions) to revitalize the MICE industry, which has been stagnant due to COVID-19.

The city will hold the "Incheon MICE Startup Support Project Contest" from the 23rd of this month until the 19th of next month, targeting startups with innovative MICE business ideas.

Through the contest, 25 selected companies will receive various programs including commercialization funds, startup education, customized consulting, and promotional support.

The commercialization funds, totaling 225 million KRW, will be provided in two phases. The first phase will distribute 5 million KRW equally to the 25 companies, and among them, six outstanding companies will be selected to receive differentiated second-phase commercialization funds ranging from 10 million KRW to a maximum of 30 million KRW.

Eligibility is limited to MICE companies located in Incheon, including individual business owners (including prospective entrepreneurs) and small and medium-sized corporate enterprises established within the last seven years.

After document and presentation evaluations, agreements are expected to be signed in May. The evaluation will comprehensively assess the feasibility of the business plan, business execution capability, contribution to revitalizing Incheon’s MICE industry, and COVID-19 response business strategies.

The contest covers all fields of the MICE industry. This includes international events and exhibition planning, exhibition design and installation, service industries, corporate meetings and incentive tourism program operations, as well as technology startups related to MICE such as IT, VR, and app technologies.

An Incheon city official stated, "We will actively support the MICE industry to take root in Incheon by providing various programs such as commercialization funds necessary for early-stage entrepreneurs, customized education, and consulting."

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