Incheon City Recruiting Small Business Startups for Crowdfunding Participation

[Asia Economy Reporter Park Hyesook] Incheon City is recruiting companies to participate in the 'Small Business Startup Crowdfunding Support Project' until the 17th of next month to provide early-stage startup small business owners with opportunities to validate their business items in the market and support the development of online sales channels.

Crowdfunding means 'funding created by the crowd,' and it refers to activities where companies with innovative ideas and products use funding platforms to introduce their products to the public and raise funds.

Companies that participated in the crowdfunding support project, which started last year, achieved an average funding rate of 1220% compared to their target amount. After improving the funding rewards, they also succeeded in expanding online sales channels, including entry into online and offline markets, overseas market expansion, and listing on domestic open markets.

This year, a total of 8 companies within 7 years of startup in the region will be selected. These companies will receive support of up to 5.5 million KRW per company for crowdfunding-related expenses such as story consulting, content production, online promotion costs, and product packaging costs.

An official from Incheon City stated, "In the rapidly changing market environment, it is difficult to enter the market without establishing and responding with key strategies during the early market entry process of startups," adding, "We hope this support project will help small business owners secure stable funds and various sales channels in the early stages of their startups, contributing to their business stability."

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