Gyeonggi-do Focuses on 'Technology Transfer' to Support Success and Survival of 'Youth Startups'

Strategic Collaboration with Specialized Institutions to Promote IP-Based Tech Startups

File photo [Asia Economy DB]

[Asia Economy Reporter La Young-chul] Gyeonggi Province has decided to focus on increasing the success and survival rates of early-stage young entrepreneurs who face difficulties securing intellectual property (IP) in the era of the 4th Industrial Revolution.

Gyeonggi Province announced on the 26th, "After evaluations such as document and expert reviews, a total of 20 companies will be selected and provided with commercialization funds of up to 22 million KRW for technology transfer fees, prototype production, consulting, and other needs."

The program targets early-stage and prospective young entrepreneurs who have been in business for less than three years. Through a competition to be held in March and April, the final 10 companies will be selected. These companies will receive differentiated commercialization funds based on ranking, including convergence technology consulting, technology fees, prototype production, and marketing.

In particular, to ensure the successful execution of the project, the know-how and infrastructure of two specialized institutions?the technology-intensive enterprise support organization 'Gyeonggi Technopark' and the research and development convergence technology institution 'Next Generation Convergence Technology Institute'?will be utilized to promote specialized IP education and integrated demo days linked to investment.

The newly established 'IP-based Young Startup Support' program this year encourages young entrepreneurs to hold business idea development competitions based on patented technologies owned or disclosed by universities and research institutes.

Through the 'Technology Transfer Startup Support Project,' research institutions or universities and companies in the province with high value-added potential technologies will be matched with promising prospective entrepreneurs without original technology and promising startups within seven years in the province seeking technology transfer, providing technology transfer matching and commercialization funds.

A provincial official stated, "Although 'patents' must support the successful establishment of startups, many prospective entrepreneurs jump into startups without a single intellectual property due to lack of expertise and strategy, resulting in failure," adding, "We hope this project will be a great opportunity to lay the foundation for young people's successful startups."