IBK Industrial Bank Opens 'IBK Changgong Daejeon' to Foster Innovative Startups
Following Mapo, Guro, Busan, and Seoul National University Camp, 'IBK Changgong Daejeon' Opens
Financial and Non-Financial Services to Support Growth of 25 Innovative Startups Planned
[Asia Economy Reporter Park Sun-mi]IBK Industrial Bank announced on the 11th that it has opened ‘IBK Changgong Daejeon’ at Expo Tower in Yuseong-gu, Daejeon Metropolitan City. IBK Changgong is a startup incubation platform that supports startup companies in building successful business models by providing investment and loan financial services, mentoring and consulting, IR, and non-financial services such as market development.
Prior to the opening ceremony, the bank selected 25 innovative startup companies for IBK Changgong Daejeon. The selected companies were mainly in the health and diagnostics sector (36%), including medical devices and bio-therapeutics, and the knowledge services sector (16%), including new business platforms and blockchain-based authentication services. After analyzing companies through diagnostic evaluation to assess their technology level and investment attraction stage, customized solutions will be provided.
Yoon Jong-won, President of IBK Industrial Bank, stated, “We decided to open Changgong to actively support technology-based innovative companies in the Daedeok Innopolis, where research institutes, universities, companies, and talented individuals gather.”
The Korea Research Institute for Regional Innovation also participates in supporting the growth of innovative startups at ‘IBK Changgong Daejeon.’ The two organizations will jointly provide support such as office space, demo days for investment attraction, and domestic and international market development. The bank plans to provide more than 1 trillion KRW in financial support over the next five years, with 200 billion KRW annually, to scale up technology-based startups within the Daedeok Research Complex.
Meanwhile, the opening ceremony of Daejeon Changgong was attended by 25 representatives of the first batch of innovative startups at IBK Changgong Daejeon, along with Yoon Jong-won, President of IBK Industrial Bank; Lee Won-wook, Chairman of the Science, Technology, Information and Broadcasting Committee; Ko Seung-beom, Chairman of the Financial Services Commission; Heo Tae-jeong, Mayor of Daejeon; and Kang Byung-sam, Chairman of the Korea Research Institute for Regional Innovation.
At the opening ceremony, IBK Industrial Bank also held a signing ceremony for an agreement to advance the regional startup ecosystem together with KDB Industrial Bank and Korea Growth Investment Corporation. They plan to establish a ‘Regional Innovation Startup Fund’ worth 30 billion KRW, including 10 billion KRW invested by IBK Industrial Bank, to support talented individuals in having more startup opportunities in the region.
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President Yoon said, “As a specialized venture capital bank, we will continue to sow the seeds for the future by supplying 1.5 trillion KRW in venture capital by the end of this year and nurturing 500 Changgong companies.”
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