IBK Industrial Bank, Recruiting 60 Innovative Startups for 'IBK Changgong' Second Half Program

[Asia Economy Reporter Haeyoung Kwon] IBK Industrial Bank announced on the 2nd that it is recruiting innovative startup companies for the second half of 2020 through its startup incubation platform, 'IBK Changgong.'

The recruitment target is companies less than 7 years old. Through a first-round document evaluation and a second-round face-to-face evaluation, about 20 companies will be selected at each of the three centers in Mapo, Guro, and Busan, totaling approximately 60 companies. The incubation period is five months, from July to November. IBK Industrial Bank will provide selected companies with free office space in a shared office format, one-on-one dedicated mentoring, demo days for investment attraction, and support for domestic and international market development. Outstanding companies will be selected for direct investment and follow-up investment by the IBK Financial Group.

To support acceleration through IBK Changgong, the Mapo center will collaborate with N15 Partners, the Guro center with CNT Tech, and the Busan center with iPartners to conduct incubation programs.

Additionally, despite the spread of COVID-19, IBK Changgong plans to promote various support measures such as non-face-to-face mentoring and online education to enable companies to continue innovative startup activities.

IBK Changgong is IBK Industrial Bank's startup incubation platform that supports startup companies in building successful business models. Since opening IBK Changgong Mapo in December 2017, it has been operating a total of three centers including Guro and Busan. So far, it has nurtured a total of 182 innovative startups, supporting 71.5 billion KRW in investment and loans, and providing over 1,600 cases of consulting and mentoring.

The recruitment period is until the 7th of next month, and the final selected companies will be announced in mid-June. Detailed information can be found on the IBK Changgong website.