Gwanak-gu Supports Startup Commercialization Funds Up to 50 Million Won

Up to 50 million KRW in commercialization funds for promising companies within 7 years of establishment, with a total investment of 110 million KRW ... Applications accepted until August 11

Repeated participation allowed, encouraging local settlement by maintaining business in Gwanak-gu for one year after project completion

Gwanak-gu (Mayor Park Junhee) is revitalizing the local economy through the second recruitment of the ‘Startup Scale-Up Project,’ which provides commercialization funds to promising venture and startup companies.

The ‘Startup Scale-Up’ project supports companies based in Gwanak-gu in advanced technology sectors such as information and communications, bio, and environmental energy by providing commercialization funds. The district supports up to 50 million KRW per company for expenses including prototype production costs for technologies developed by startups, market development and promotion costs, intellectual property application fees, and various certification acquisition costs.

Since 2019, Gwanak-gu has selected 83 companies over eight rounds through the ‘Startup Scale-Up’ project until the first half of 2023, providing a total project budget of 1.4 billion KRW. This second half of the year, an additional 110 million KRW in commercialization funds will be invested to continue supporting capable startups.

Eligible applicants are startups established within 7 years as of the announcement date, July 27, 2023. Selected companies must establish and maintain their headquarters in Gwanak-gu within one month from the agreement date.

In particular, starting this year, the district allows repeated participation to support the continuous growth of excellent companies and their stable settlement in Gwanak-gu. Selected companies are required to maintain their business in Gwanak-gu for one year after the project ends.

To apply, check the announcement on the Gwanak-gu Office website (News & Notices → Public Announcements), complete the application documents, and send them via email to the person in charge by 6 PM on August 11.

The district plans to announce the final support recipients on September 6 after document and presentation evaluations.

Gwanak-gu is actively promoting the ‘Gwanak S Valley’ project to transform the entire district into a global startup hub where universities, companies, and the local community coexist. Last year, it was designated as a venture business promotion district, achieving remarkable results.

Mayor Park Junhee stated, “We will do our best to ensure that global unicorn companies emerge from ‘Gwanak S Valley’ not only by supporting commercialization funds through the ‘Startup Scale-Up’ project but also by providing various corporate growth programs.”

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