IBK, Platform, IoT and Other Innovative Startup Companies 64 Selected

Mapo, Guro, Busan... Intensive Nurturing Program Support for 5 Months

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 7th that it has finally selected 64 innovative startup companies for the first half of 2021 ‘IBK Changgong (創工)’ and will begin a five-month startup incubation program in Mapo, Guro, and Busan.

In the first half of 2021, 22 companies were selected for the 6th batch in Mapo, 20 companies for the 5th batch in Guro, and 22 companies for the 4th batch in Busan. A total of 642 companies applied, recording a competition rate of 10 to 1.

The selected companies were mostly in the information and communication fields such as platforms, IoT, and ICT, accounting for 25%. Due to the impact of COVID-19, the knowledge service sector (23.4%), a non-face-to-face industry utilizing games, movies, advertising, and design, also showed strong performance. In addition, companies with both technological capabilities and marketability in materials, parts, equipment, and biohealth were finally selected.

After a preliminary diagnostic evaluation, the selected companies participate in customized programs tailored to each company. IBK Changgong provides office space support in the form of shared offices and expert consulting in fields such as legal, IP, tax, and accounting. IBK Financial Group also plans to support investment and financing. The Industrial Bank of Korea operates the program in collaboration with professional accelerator institutions for five months. N15 Partners conducts one-on-one customized mentoring for selected companies at the Mapo Center, CNT Tech at the Guro Center, and iPartners at the Busan Center.

Meanwhile, since its opening in December 2017 as a startup incubation program, IBK Changgong has nurtured a total of 243 companies until last December. It has provided financial support of 186.7 billion KRW in investments and loans, and 3,192 non-financial supports such as mentoring, consulting, and IR. An official from the Industrial Bank of Korea stated, “We plan to actively introduce a support system tailored to the startup life cycle to continuously contribute to startup growth,” and also said, “We will strive to create quality jobs and secure future competitiveness through support for excellent innovative startups.”