Gyeongbuk Province Re-selected for Startup Leap Package Support Project

Startup Didimdol, Quantum Jump and Scale-up Opportunities

Support for Customized Growth Programs for the 3-7 Year Leap Phase

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] Gyeongbuk Province has been selected again for the Startup Leap Package support project by the Ministry of SMEs and Startups.

Gyeongbuk Province, together with the POSTECH Artificial Intelligence Research Institute, challenged the ‘2023 Startup Leap Package Support Project’ contest and was selected again following 2021, laying a stepping stone for Gyeongbuk startups to leap forward.

This project provides commercialization funds to support the growth of companies in the ‘death valley’ period, which is over 3 years but within 7 years since their founding. It also supports global market entry and follow-up investment attraction.

It is a customized growth support for startups trapped in the death valley, where startups have succeeded in commercializing ideas and technologies but fail in commercialization due to lack of funds afterward.

From February this year until 2026, it is planned to be promoted with the goal of establishing ‘with Stone Box’ for creating a complete corporate ecosystem and supporting innovative growth of leap companies over 4 years.

This is a project to build a comprehensive platform that supports innovative growth and re-leap of startups based on a solid stepping stone.

Through this project, up to 16.6 billion KRW of national funds will be supported over the next 4 years, selecting 30 startups annually in new growth industry specialized fields (information and communication, electrical and electronics, bio and medical life), providing up to 300 million KRW (average 125 million KRW) in commercialization funds per company.

An additional 5 billion KRW investment will be received from three venture capital (VC) firms to support investment linkage, discovering companies preparing for listing and supporting technology commercialization linkage, thereby supporting the growth of startups in the leap phase.

The three participating VCs are POSCO Technology Investment Co., Smilegate Investment Co., and POSTECH Holdings Co.

Also, by forming 10 related collaborative organizations including Gyeongbuk Province, industry-academia-research-government collaboration will provide customized programs for startups in the leap phase such as overseas market entry and technology and management value enhancement programs, supporting innovative growth and leap of startups.

Previously, through the 2021 Startup Leap Package support project, 21 companies were selected and supported, achieving total sales of 15.8 billion KRW, investment attraction of 32.3 billion KRW, and 271 new jobs, showing excellent results despite the COVID-19 crisis.

Currently, in the 2022 Startup Leap Package support project underway, a total of 18 companies are being supported, achieving total sales of 69 billion KRW, investment attraction of 11.7 billion KRW, and 147 new jobs as of the end of last year, showing results.

Lee Young-seok, Director of the Economic Industry Bureau of Gyeongbuk Province, said, “In the era of the 4th Industrial Revolution and digital transformation, through selection in the contest, we will support deep-tech startups with excellent technology in Gyeongbuk to succeed in commercialization beyond technological development and grow into representative companies of Gyeongbuk.”