Gyeonggi-do Supports 14 Bio Startups with Office Space and More...

Announcement for Recruitment of Companies Participating in Gyeonggi Bio Startup-Lab Operation Program

Gyeonggi Province is launching the ‘Gyeonggi Bio Startup Lab Operation Program’ this year to support (pre-)entrepreneurs in the bio sector by providing residency spaces and other resources.

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency announced that they will recruit companies to participate in the Gyeonggi Bio Startup Lab Operation Program from the 10th of this month until the 10th of next month.

This project was newly established to support (pre-)entrepreneurs in the bio sector following Gyeonggi Governor Kim Dong-yeon’s declaration of Gyeonggi as a startup paradise at the ‘Venture Startup Vision Proclamation and Win-Win Agreement Ceremony’ last October.

Gyeonggi Province is creating a bio startup lab within the Suwon Gwanggyo Gyeonggi Bio Center, with a total floor area of 933㎡ (approximately 282 pyeong), providing each company with a dedicated office and research space of 26.4㎡ (approximately 8 pyeong), shared meeting rooms, lounges, and networking facilities.

In particular, the excellent transportation convenience of Gwanggyo, affordable laboratory usage fees compared to surrounding market prices, and easy access to the infrastructure within the Gyeonggi Bio Center are expected to offer many advantages to early-stage entrepreneurs and companies preparing to start up.

A total of 14 companies will be housed this year.

Next year, reflecting the needs of resident companies, support will be strengthened with a selective program that includes prototype production support, patent and licensing assistance, and more.

Selected companies will move into the open startup space at the Gyeonggi Bio Center starting in August after a selection evaluation, with an initial residency period of two years.

If an extension is desired, a one-time extension contract (two years) is possible based on evaluation. This year, due to the creation of residency spaces, companies can stay for up to 4 years and 5 months.

Han Tae-seong, Director of the Bio Industry Division of Gyeonggi Province, stated, "We expect this support project to revitalize the bio startup ecosystem and foster the bio cluster. We will continue to actively support the growth of pre-early bio startup companies and improve the success rate of technology commercialization."

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