Saneun Launches Incubation Program for 15 Startups
Intensive Incubation for 5 Months at Mapo Front1 Starting July 15
[Asia Economy Reporter Park Sun-mi] The Korea Development Bank (KDB) announced on the 14th that it has finalized the selection of 15 startups for the 'KDB NextOne 3rd cohort' and will begin the second half of 2021 incubation program for five months at Mapo Front1.
A total of 251 companies applied for the KDB NextOne 3rd cohort, recording a competition rate of about 17 to 1. Innovative companies engaged in promising industries such as batteries, environment, social, and governance (ESG), artificial intelligence (AI), and advanced manufacturing were finally selected.
Launched a year ago, KDB NextOne has supported the development of early-stage startups by nurturing a total of 30 companies in the 1st and 2nd cohorts so far. During the incubation period of the 1st and 2nd cohort startups, they successfully attracted a total investment of 22.7 billion KRW and achieved numerous business results such as patent applications, business contract conclusions, and employment increases.
The selected 3rd cohort companies will receive support for practical growth such as office space, customized mentoring, IR consulting, business linkage, and investment attraction, and will be provided with step-by-step and customized support through organic connections with venture platforms operated by KDB, such as KDB NextRound (investment attraction support) and NextRise (business cooperation support).
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Jang Byung-don, Head of the Innovation Growth Finance Division at KDB, said, “This year will be a year to further advance KDB’s venture ecosystem support system by opening the NextRound online platform and establishing a venture capital corporation in Silicon Valley, USA,” adding, “We hope that not only alumni companies of NextOne but also domestic startups will actively utilize KDB’s venture platforms.”
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