IBK Industrial Bank Selects 62 Companies for IBK Changgong in Second Half... 5-Month Startup Support Program Begins

Selected 62 Companies in Mapo, Guro, and Busan
Intensive Nurturing Program Support for 5 Months Starting July

The photo shows Kim Hyung-il, Vice President of the IBK Corporate Bank Innovation Finance Group, delivering a congratulatory speech at the entrance ceremony held on the 6th at 'IBK Changgong (創工) Guro'.

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 6th that it has finalized the selection of innovative startups for the second half of 2021 'IBK Chang-gong' and will begin a five-month startup incubation program in Mapo, Guro, and Busan.

In the second half of 2021, out of about 600 startups that applied, 62 companies (22 in Mapo 7th batch, 20 in Guro 6th batch, 20 in Busan 5th batch) were selected after overcoming a competition ratio of approximately 9.4 to 1. The selected companies were mostly in the knowledge service (34%) and information & communication (27%) sectors. Companies with both technological capabilities and marketability, including those related to the trending metaverse, MyData, and government-prioritized New Deal projects, were finally selected.

The selected companies will participate in customized programs after a preliminary diagnostic evaluation. In addition, to achieve efficient results, close mentoring composed of dedicated mentors, dedicated managers, professional consultants, and external experts will be provided. IBK Financial Group’s investment and loan financial services, along with various non-financial services such as demo days, IR, office space, market development, and promotional support, will also be offered.

Meanwhile, at the entrance ceremony held in compliance with quarantine guidelines to prevent the spread of COVID-19, networking among the selected innovative startups took place along with introductions to the IBK Chang-gong program and professional accelerator institutions. An IBK Bank official said, “We will provide customized financial and non-financial services tailored to the status of the finally selected companies,” adding, “IBK plans to actively contribute to creating a startup growth ecosystem by introducing a support system for each growth stage of startups.”

IBK Chang-gong is IBK Industrial Bank’s startup incubation platform that supports innovative startups with financial and non-financial services. Starting in Mapo in 2017, IBK Chang-gong has opened centers in Guro and Busan, nurturing 307 companies and supporting financial services worth 294.2 billion KRW in investments and loans, as well as 4,256 non-financial services such as mentoring, consulting, and IR through the first half of this year. In the second half of this year, ‘IBK Chang-gong Daejeon’ will be additionally opened in the Daedeok Research and Development Special Zone.

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