Ministry of SMEs and Startups Calls for 100 Regional Innovation Leading Companies

Leading Regional Innovation Companies Establish Foundation to Drive Local Self-Sustained Growth

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced on the 15th that it is recruiting regional innovation leading companies to proactively drive the growth of key local industries in collaboration with 14 metropolitan and provincial governments.

The regional innovation leading companies initiative was launched as a follow-up measure to the "Regional Innovation SME Development Strategy" established last November to promote the regional balanced New Deal. It aims to discover promising companies in key industrial sectors led by local governments and provide focused support.

The "Regional Innovation Leading Companies 100 Project," jointly promoted by the Ministry of SMEs and Startups and 14 metropolitan and provincial governments, aims to discover 100 companies by 2022. This time, 50 companies will be selected first, followed by an additional 50 companies in the second half of next year.

In this first recruitment, applications from interested companies will be accepted until the 8th of next month, followed by evaluation and verification, with final selection scheduled for January next year. Eligible applicants are local SMEs with basic capabilities to lead the regional industrial ecosystem, such as regional star companies and businesses located in regulatory free zones, and must proactively form collaborative groups among local SMEs (organizations) to apply.

Selected companies will receive up to KRW 2 billion in technology development funds for a maximum of six years (3+3 years) and will be provided with a menu-style regional autonomous program covering sales channels, workforce, funding, and investment, offering customized and focused support according to individual collaborative projects.

Kim Seong-seop, Director of Regional Enterprise Policy at the Ministry of SMEs and Startups, said, "We hope this program will serve as a stepping stone for regional innovation leading companies to drive key local industries and establish themselves as key players in the regional industrial ecosystem for autonomous regional growth."

Companies wishing to participate can apply through the regional Technopark (TP) websites by the 8th of next month. For more detailed information, refer to the project announcement or contact the 14 metropolitan and provincial governments or regional Technoparks.

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