Incheon TP Supports 22 Companies in Early Startup Package... Up to 100 Million KRW in Commercialization Funds

[Asia Economy Reporter Park Hyesook] Incheon Technopark (Incheon TP) has selected 22 companies for the 'Early Startup Package' support project to help the growth of new startups and will begin full-scale support.

Incheon TP, together with the Ministry of SMEs and Startups, the Korea Institute of Startup & Entrepreneurship Development, and Incheon City, finalized the selection of supported companies through the Early Startup Package competition. A total of 212 companies applied, showing a high competition rate of 9.6 to 1.

The selected companies are startups less than three years old in the metropolitan area, and Incheon TP will provide up to 100 million KRW in commercialization funds per company.

Additionally, through customized support such as mentoring, startup item verification, investment attraction, and marketing, they plan to assist growth including entry into domestic and international markets.

An Incheon TP official stated, "Many small and medium-sized enterprises are facing difficulties in management due to the COVID-19 pandemic," and added, "We will provide close support so that early startup companies can overcome this and take a step forward."

Meanwhile, Incheon TP has been supporting the growth of promising early startups through the Early Startup Package project since 2019. Last year, they supported 24 companies, helping to attract 1.85 billion KRW in investment and achieve a sales increase of 4.9 billion KRW.