Gyeonggi-do Announces Contest for Promising Startups with Innovative Ideas and Technologies

Various Incentives Including a Total of 1.15 Billion Won Granted

Gyeonggi Provincial Government Northern Office

[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province announced on the 15th that it will offer a total prize of 115 million KRW to discover promising startup companies with innovative ideas and technologies.

The participants are prospective entrepreneurs or early-stage startups within three years of establishment who possess excellent technology and promising commercialization items in the knowledge industry sector.

In the preliminary and main competitions, prospective entrepreneurs and early-stage startups will compete separately, and at the final competition scheduled for September, a total of 10 winners will be selected by combining 1 grand prize team, 2 excellence award teams, 2 merit award teams, and 5 encouragement award teams.

To strengthen the connection with cities and counties within the province, last year’s winners of city and county startup competitions are exempt from document screening, and additional points are given to social enterprises, women-owned businesses, re-startups, and companies employing people with disabilities.

Especially from this year, to promote corporate legal compliance culture, companies that violate major laws in four areas?fair trade, labor, environment, and taxation?will be restricted from participating.

The total prize money is 115 million KRW, including 30 million KRW for the grand prize, and final winners will receive various incentives for startup support projects hosted by the province, such as additional points when moving into the Gyeonggi Venture Startup Support Center and special guarantee benefits, in addition to the prize money.

The 30 teams advancing beyond the main competition will be given opportunities to attract investment through acceleration support such as mentoring and demo days for three months.

The province and the Gyeonggi Economic Science Promotion Agency will hold the '2022 New Gyeonggi Startup Contest' with these details and will recruit prospective and early-stage entrepreneurs to participate in the competition until March 24.

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