Gyeonggawon Supports Startup Companies Through Crowdfunding

Promotional Poster for Gyeonggi-do Crowding Fund-Linked Startup Support Project

The Gyeonggi-do Economic Science Promotion Agency is promoting the '2023 Crowdfunding-linked Startup Support Project' to expand private investment attraction for startups in the province.

This project, introduced in 2021, uses the 'crowd investment (crowdfunding)' method of raising funds from an unspecified large number of people to allow startups to verify consumer reactions and marketability before launching new products and to promote a private-led startup ecosystem.

The project targets technology-based startups less than seven years old in the province, and applications are accepted through the Gyeonggi Startup Platform until the 14th of next month.

This year, the agency will invest a total of 1.2 billion KRW to support about 50 startups.

Support by category includes ▲ 'Equity-type (investment type)' attracting investment through securities issued by the company, ▲ 'Reward-type' raising funds by providing products, and ▲ 'Global-type' allowing participation by overseas investors.

The agency supports these companies with up to 30 million KRW for intermediary fees for registration on crowdfunding platforms, video and investment page production costs, and advertising expenses.

Additionally, to strengthen investment attraction capabilities and increase investment success rates, customized programs such as practical training by type and one-on-one consulting will be operated to expand support effects.

Furthermore, the project funding support, previously provided only to companies successful in equity-type investment (funding), will be expanded to companies successful in reward-type and global-type investment (funding).

Kim Pyeongwon, head of the Venture Startup Division of the province, said, "Early-stage startups ready to leap forward will be able to secure funds and establish a foothold for market entry," adding, "We will strengthen the market competitiveness of promising companies and support various expansion opportunities."

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