Gyeonggi-do Provides Up to 30 Million Won Commercialization Funding to Startups with Private Investment

Support for a Total of 10 Companies: 5 in the First Half and 5 in the Second Half of This Year

Reference photo [Gyeonggi-do]

[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province is taking steps to create a virtuous cycle technology startup ecosystem by leveraging private capital and expertise through the 'Gyeonggi Startup Platform.'

According to the province on the 7th, the core of this project is to provide commercialization funds of up to 30 million KRW to startups when investments are made between private investors registered as online members of the 'Gyeonggi Startup Platform' and startups.

The 'Gyeonggi Startup Platform' offers various information to provide an easy startup environment and supports startup investment attraction with participation from private investors and others.

Accordingly, the province plans to invest a total of 300 million KRW in business expenses for 10 companies, five each in the first and second half of the year, and the commercialization funds can be used for item development, prototype production, promotional marketing, intellectual property acquisition, and more.

Eligibility for support applies to technology-based startups less than seven years old within the province that have received investment from private investors through the Gyeonggi Startup Platform since January 1 of last year.

Applications for companies participating in the first half of the year will be accepted from today until the 25th, and applications can be submitted online through the Gyeonggi Startup Platform.

Meanwhile, since the project's introduction in 2020, a total of 21 startups have attracted investments worth 5.8 billion KRW from eight private investors for technology development and corporate growth.

Based on this, last year, 10 promising startups recorded sales of 31.544 billion KRW, 38 new jobs, 27 intellectual property rights, and follow-up investments of 5.077 billion KRW.

Kim Pyeong-won, head of the Startup Support Division, said, "Through this support project, we will strive to transform the technology startup ecosystem into a private-led model," adding, "We hope to serve as a catalyst to activate a virtuous cycle startup ecosystem that utilizes private capital and expertise."

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