Gyeonggi-do Supports 'One-Stop Customized' Assistance for Re-Entrepreneurs... 15 Companies Selected This Year

Support of 24 to 30 million KRW per company for commercialization funds, operation of capacity-building programs

Gyeonggi-do Economic Science Promotion Agency

[Asia Economy Reporter La Young-cheol] Gyeonggi Province will provide one-stop customized support ranging from capacity building to commercialization funds for re-entrepreneurs within the province.

The province and the Gyeonggi Institute of Economic Science and Technology announced on the 18th that they will promote the "'2022 Re-challenge Business Support Project" and recruit prospective and early-stage re-entrepreneurs within the province to participate in the project.

The "Re-challenge Business Support Project" is a policy that helps successful re-entrepreneurship by providing various support measures such as commercialization, re-entrepreneurship education, and networking for prospective and early-stage re-entrepreneurs within the province who have excellent ideas with high potential.

Eligible candidates include prospective re-entrepreneurs within the province who wish to restart their business or early-stage re-entrepreneurs who have been in business for less than three years (since February 18, 2019). However, re-entrepreneurship in the same business field is allowed after three years (two years in case of bankruptcy or insolvency) according to the Small and Medium Business Startup Support Act.

This year, after preliminary qualification review, sincere management evaluation, and written and face-to-face evaluations, a final selection of 15 companies will be made in April to receive support.

These companies will receive funding necessary for commercialization, including ▲item development (prototype production, rental fees for development space, etc.), ▲intellectual property rights (patents, utility models, designs, etc.) application and registration, and ▲promotion and marketing (participation fees for domestic and international exhibitions, production costs for promotional materials, etc.), with support ranging from 24 million KRW to a maximum of 30 million KRW per company.

Additionally, for prospective re-entrepreneurs, the shared and open startup space, Startup Base Camp (located in Gwanggyo, Suwon), will be provided free of charge.

To strengthen the capabilities of participating companies, re-entrepreneurship education (12 hours), networking, and Investor Relations (IR) training will also be operated.

Kim Pyeong-won, Head of Startup Support Division, said, "We will focus on discovering prospective and early-stage entrepreneurs with high potential for recovery and helping them achieve a successful re-leap through systematic support."

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