Incheon TP Supports Non-Face-to-Face Promising Startups for Commercialization…Up to 150 Million KRW per Company

[Asia Economy Reporter Park Hyesook] Incheon Technopark (Incheon TP) and the Incheon Free Economic Zone Authority are closely supporting promising startups in the non-face-to-face innovative startup item (Eureka) sector to lead the new normal era after COVID-19.

Incheon TP announced on the 5th that it has selected 28 promising domestic rookie companies within 7 years of establishment with non-face-to-face sector items, and will help stabilize and grow their businesses through commercialization funds and specialized program support.

Incheon TP is investing 4 billion KRW in the project and provides up to 150 million KRW in commercialization funds per company.

It also plans to lead effective growth of companies by assisting with one-on-one connections with global accelerators, expanding sales channels through demonstration support, and attracting investment through investor relations (IR) programs.

Earlier in March, Incheon TP was selected as a fostering institution for the non-face-to-face innovative startup item (Eureka) sector by the Ministry of SMEs and Startups. The recruitment announcement for supported companies attracted about 1,500 companies nationwide, recording a high competition rate of over 50 to 1.

An Incheon TP official said, "We will support promising domestic non-face-to-face startups attracted to Incheon to grow into global companies," adding, "We expect synergy with Incheon Startup Park, the largest startup support space in Korea pursuing a Korean-style Silicon Valley."

Meanwhile, the non-face-to-face startup fostering project, a collaboration among 12 ministries including the Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy, is investing 60 billion KRW in six sectors?medical, education, lifestyle and consumption, content, foundational technology, and Eureka (innovative startup items)?to support the growth of about 400 companies nationwide.