Kangwon Land Holds '2021 Next Unicorn Selection Contest' for Youth Startup Companies

[Asia Economy Reporter Donghyun Choi] Kangwon Land announced on the 23rd that it will hold the 2021 Next Unicorn Selection Contest to support the relocation of youth startup companies to the abandoned mining areas in the southern Gangwon region.

Now in its third year, the 'Next Unicorn Project' is a mid- to long-term project planned in collaboration with Kangwon Land, the Small and Medium Business Corporation, the Korea Mine Reclamation Corporation, and the Foundation for Cooperation between Large, Small, and Medium Enterprises and Agriculture and Fisheries. Starting this year, it is also working with the National Balanced Development Committee to help revitalize the economy of abandoned mining areas.

This year’s application period is open until the 18th of next month, and the target applicants are consortia composed of graduates or graduate companies of the Small and Medium Business Corporation’s Youth Startup Academy.

Companies wishing to apply can fill out the application form and business plan available on the Youth Startup Academy website and submit them along with various supporting documents directly through the website.

In particular, this year, a total of four companies will be selected to replace one company that voluntarily withdrew from the previous project, so interest and competition among applicants are expected to be even more intense.

Kangwon Land and its partner organizations plan to select the final four Next Unicorn companies through a survival public competition process including document screening, presentation evaluation, and on-site inspection by December.

These companies will receive up to 1 billion KRW in support funds per company, along with benefits such as ▲ linkage support for policy fund investment and loans ▲ preferential support for alternative industry loans in abandoned mining area promotion districts ▲ connection to Gangwon Province urban regeneration projects ▲ linkage to win-win programs and follow-up management ▲ support from local governments (provision of relocation spaces free of charge or at low cost, subsidies, tax benefits, loans, and logistics cost support).

The selected Next Unicorn companies must relocate or newly establish their headquarters, factories, or research institutes in the abandoned mining areas within three years, which is expected to contribute to job creation and economic revitalization in those regions.