Jinju-si, Business Agreement for Crowdfunding Support Project to Foster Startup Companies

Gyeongnam Creative Economy Innovation Center and Startup Ecosystem Revitalization
Recruiting Interested Companies in Mid-June, Supporting Funding Education and Platform Launch

Business Agreement for Crowdfunding Support Project to Foster Startups [Image Source=Jinju-si]

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City in Gyeongnam Province and the Gyeongnam Center for Creative Economy and Innovation announced on the 31st that they signed a business agreement for the ‘Crowdfunding Support Project’ to foster startup companies at the Jinju City Hall Situation Room.

This agreement was prepared to support the market development of excellent local startups facing difficulties in securing initial investment funds and new product distribution channels, while providing opportunities for product development and sales tailored to consumer trends, through mutual cooperation with the startup-specialized institution, the Gyeongnam Center for Creative Economy and Innovation.

The crowdfunding support project, where creative entrepreneurs and other fund seekers raise funds from an unspecified number of people online via the internet, is a project that Jinju City is the first among nationwide basic local governments to promote.

Starting in June, Jinju City will invest 60 million KRW in project expenses, and the Gyeongnam Center for Creative Economy and Innovation will spread the crowdfunding culture through education and consulting targeting startups within 7 years of establishment or prospective startups in the jurisdiction, and will fully support platform establishment for companies participating in crowdfunding in practice.

Joo Kyu-il, Mayor of Jinju City, said, “We will spare no support to discover many prospective entrepreneurs in Jinju City through crowdfunding, foster startup companies, and build an ecosystem where startup companies can succeed.”

Director Lee Dong-hyung also stated, “As this is the first case showing Jinju City’s determination to revitalize the startup ecosystem among cities and counties in Gyeongnam, we will do our best to successfully carry out the crowdfunding support project and make it a model case leading to the fostering of small and medium enterprises and job creation, serving as an opportunity to spread nationwide to cities and counties.”

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