Gyeonggawon Provides 'Crowding Fund' Financial Support to Startups Under 7 Years Old

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is recruiting companies to participate in a startup support project linked to crowdfunding.

The Gyeonggi Center for Economic and Scientific Advancement announced on the 18th that it is recruiting six companies to participate in the 'Securities-type (investment-type)' project, which offers equity to investors in return for funding, as part of the 'Crowdfunding-linked Startup Support Project' promoted in securities, sponsorship, and global types to help local startups secure private investment funds and effectively enter the market since last year.

The center will provide selected companies with costs such as brokerage fees for registering on crowdfunding platforms up to 10 million KRW, video and funding page production costs, and advertising expenses. Companies that succeed in funding can receive commercialization funds amounting to 50% of the successful amount, up to a maximum of 50 million KRW. They will also receive investment education and one-on-one consulting to strengthen investment attraction capabilities and increase funding success rates.

Eligibility requires technology-based startups less than seven years old as of the announcement date. Applications can be submitted online through the Gyeonggi Startup Platform (www.gsp.or.kr) by the 10th of next month.

Meanwhile, last year, 14 companies succeeded in funding through securities-type crowdfunding support. At that time, 576 investors were recruited, recording a funding performance of 1.806 billion KRW.

Among them, Company A, which develops an animal pharmaceutical intermediary platform, attracted 328 million KRW in investment from 110 investors through securities-type crowdfunding support.

Yoo Seung-kyung, director of the Gyeonggi Center, said, "The biggest difficulty for local companies with excellent startup items is funding," adding, "We hope that the crowdfunding support project, which raises funds from numerous small investors, will help local companies secure initial startup capital."

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