Gyeonggawon, 'Problem Solver' for SME Regulatory Difficulties... Up to 120 Million Won Funding Support

The Gyeonggi-do Economic Science Promotion Agency is promoting the 'Gyeonggi-do Regulatory Sandbox Support Project' to resolve regulatory difficulties faced by small and medium-sized enterprises (SMEs) in the province and to support the fostering of new industries.

The regulatory sandbox is a system that exempts or defers regulations under existing laws for a certain period in the fields of new technologies and new industries, allowing companies to freely test innovative products or services.

This project is operated through two detailed programs: customized consulting and commercialization support for approved companies.

Customized Consulting Poster for Regulatory Sandbox by Gyeonggi-do Economic Science Promotion Agency

Customized consulting provides full support through experts, from guidance on the regulatory sandbox system, application preparation, response to the review committee, to coordination with local governments, offering up to 5 million KRW per company.

Commercialization support for approved companies covers up to 80% of the total project cost for demonstration expenses such as prototype production, testing and verification, liability insurance fees, and early demonstration consulting costs. Depending on the type of company, general SMEs can receive up to 100 million KRW, and startups can receive up to 50 million KRW.

Jung Kwang-yong, Head of the Balanced Opportunity Division at the Gyeonggi-do Economic Science Promotion Agency, stated, "We provide comprehensive support from customized consulting to commercialization funds so that new industry ideas of small and medium ventures can be realized," adding, "We hope this regulatory sandbox support project will be a solid stepping stone for companies exploring new possibilities."

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