IBK Industrial Bank, Recruiting Innovative Startups for 'IBK Changgong' Second Half... "Selecting Over 60 Companies"
Support Provided to Over 60 Companies in 5 Months Including Investment, Financing, Management Consulting, and Office Space
[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 1st that it will begin recruiting innovative startup companies for the second half of 2021 through its startup nurturing platform ‘IBK Changgong (創工)’.
The recruitment target is companies less than 7 years old. Through a first-round document evaluation and a second-round face-to-face evaluation, about 20 companies will be selected at each of the three centers in Mapo, Guro, and Busan, totaling about 60 companies. The application period is until May 6th (2 PM), and the final selected companies will be announced in June.
The nurturing period is five months, from July to November this year. IBK Industrial Bank will provide selected companies with office space, one-on-one dedicated mentoring, investment attraction demo days, and support for domestic and overseas market development. Additionally, outstanding companies will be selected to receive financial support through direct investment by the bank or indirect investment using funds invested by the bank.
IBK Changgong is a startup nurturing platform that has been operating three centers including Mapo, Guro, and Busan since the opening of IBK Changgong Mapo in December 2017. In the second half of the year, the fourth IBK Changgong center is planned to open in Daejeon. So far, a total of 307 nurtured companies have received 217.5 billion KRW in investments and loans, and about 3,682 cases of management consulting and investor relations (IR) support.
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An IBK Industrial Bank official said, “IBK plans to supply a total of 1.5 trillion KRW of venture capital over three years to small and medium enterprises in innovative growth sectors such as digital and green by creating a New Deal fund worth 1 trillion KRW,” adding, “We ask for much interest and participation from companies with excellent technologies related to New Deal and ESG (environment, social, and governance) in this recruitment.”
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