Gyeongbuk Province Signs 'Venture Support Network' Business Agreement ... Universities, Investors, and Kibo Participate

Secured 25 Billion KRW in National Funds and Investments Over 2 Years... Supporting 200 Companies in Startup Leap Package

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Gyeongsangbuk-do will sign a business agreement on the 6th at 3 PM in the Dokuk Room of the provincial government office with Daegu University, Pohang University of Science and Technology, Smilegate Investment, POSCO Technology Investment, HB Investment, Korea Technology Finance Corporation, and the Korea Accelerator Association to establish a venture support network.

Through this agreement, six organizations including Gyeongbuk Province plan to foster ventures and startups in the province as growth engines of the regional economy in connection with the Startup Leap Package support project operated by Daegu University and Pohang University of Science and Technology.

The Startup Leap Package support project (KRW 18 billion in national funds over two years) is a project for which Daegu University and Pohang University of Science and Technology were selected as the lead institutions earlier this year. It supports about 200 startups in the leap stage (3 to 7 years) across various fields such as commercialization, marketing, and market development.

Smilegate Investment, the operator of the Gyeongbuk Happy Enterprise Venture Fund (operating scale KRW 68 billion), POSCO Technology Investment, HB Investment, Korea Technology Finance Corporation, and the Accelerator Association participate in the project as a consortium.

Through the establishment of this cooperative system, many ventures and startups in the province, especially companies in the leap stage, are expected to gain momentum to overcome the so-called Death Valley of the leap stage (3 to 7 years) and scale up to grow into leading regional companies.

Lee Cheol-woo, Governor of Gyeongbuk Province, emphasized, "Based on cooperation with various institutions, we will spare no financial and administrative support so that ventures and startups in the province can grow not only to be listed in the domestic market but also to become unicorn companies."