Gyeongbuk Province Finalizes Selection of 100 Startups in Materials, Parts, and Equipment Sector

‘Gyeongbuk Creative Economy Innovation Center’ Selected as Lead Organization ... Secures 6 Billion KRW in National Funding

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Gyeongbuk Province announced that it has secured 6 billion KRW in national funding after being finally selected in this year’s ‘Materials, Parts, and Equipment Startup 100’ contest by the Ministry of SMEs and Startups.

This contest saw applications from six institutions among the nationwide Creative Economy Innovation Centers, and through a comprehensive evaluation of factors such as professional personnel, performance in discovering companies, and the status of securing demand companies, the ‘Gyeongbuk Creative Economy Innovation Center’ was selected as the lead institution.

The Materials, Parts, and Equipment Startup 100 project is a five-year initiative from 2020 to 2024 that discovers 100 technology startups less than seven years old and supports them with commercialization funds (up to 200 million KRW) and R&D development.

This project is being promoted to strengthen the technological capabilities of startup companies and to establish a stable domestic supply chain for demanded technologies.

This year, 48 demand companies including Samsung Electronics and Hyundai Motor Group will participate to collaborate with startups in various fields for technology development.

The province expects that through this, new ideas and innovative technologies from startups will reduce the overseas dependence of existing demand companies and inject new vitality into the regional economy.

Lee Young-seok, Director of the Job and Economy Office of Gyeongbuk Province, said, “Although companies face difficulties in external activities due to Japanese export regulations and COVID-19, we will do our best to intensively nurture technology-based domestic startups and increase technological self-reliance.”

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