Gyeonggi-do Supports 'Private Investment-Linked Technology Startups'

'From Public-Led to Private Market-Centered' Startup Ecosystem Construction
Up to 350 Million Won Support for 10 Recommended Private Operators

Photo materials [Asia Economy DB]

[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province is promoting the 'Private Investment-Linked Technology Startup Support Project,' where the province supports commercialization if the private sector first invests in promising startup teams.

This year, a total of seven private investment and incubation specialized operators, including three new operators, will participate in the investment. Eligible applicants are prospective startup teams planning to register their business within the province or startup companies located in the province that have been established for less than seven years.

The key support industries are ▲ ICT-based convergence (4th industry, information and communication, knowledge services, fintech, etc.) ▲ technology convergence and manufacturing related to materials, parts, and equipment ▲ manufacturing-related service industries (software development, gaming, etc.).

If a private investment and incubation specialized operator (startup planner) discovers a promising startup team with high growth potential within the province and invests or recommends an amount of 60 million KRW or more, the province selects 10 excellent startup teams and supports commercialization funds up to 350 million KRW over two years.

This project was first introduced by Gyeonggi Province in June 2020, the first among local governments nationwide, to overcome the limitations of public-led uniform startup support projects and to build a competitive private-led startup ecosystem by utilizing private funds, incubation, and expertise.

The 10 startup teams selected in 2020 achieved results such as sales of 988 million KRW, 83 new jobs, and follow-up investments of 19.2 billion KRW through private operator investments and provincial commercialization support.

Startup teams wishing to participate in the project should select one of the seven operators and discuss their business plan, and the operator must recommend them to the Gyeonggi-do Economic Science Promotion Agency by the 29th.

A Gyeonggi Province official said, "The province is transitioning the technology startup ecosystem to a private-linked and led model, building a virtuous cycle startup ecosystem by utilizing private funds and expertise. Based on this, we will strive to nurture globally competitive startup companies."

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