Gyeonggawon Supports Pangyo Tech Tenants with 950 Million KRW Commercialization Funds

Gyeonggi Province will provide a total of 950 million KRW in commercialization funds to companies located in Pangyo Techno Valley.

Gyeonggi Province will provide 950 million KRW in commercialization funds to nurture global startup companies within Pangyo Techno Valley Phase 1 and 2.

The Gyeonggi Economic Science Promotion Agency announced on the 20th that it will recruit participating companies for the "Global Startup Company Commercialization Support Project" until the 19th of next month, targeting startup companies located in Pangyo Techno Valley that wish to expand overseas.

The Global Startup Company Commercialization Support Project is designed to provide practical commercialization funds to startup companies in Pangyo Techno Valley that have excellent technology but lack preparation for overseas expansion. The project began in 2020 and is now in its fourth year.

Last year, the agency supported 18 companies with 840 million KRW in commercialization funds, achieving 13.7 billion KRW in domestic and international investment attraction and 3.1 billion KRW in domestic and international sales.

The agency will provide up to 50 million KRW per company in commercialization funds for selected companies to cover expenses necessary for overseas expansion, including labor costs, product development costs, prototype production costs, intellectual property application fees, video production costs, and market development expenses.

Eligibility for application includes companies headquartered in Gyeonggi Province with research institutes (dedicated R&D departments) or branches (overseas expansion-related departments) located in Pangyo Techno Valley Phase 1 or 2, as well as companies headquartered in Pangyo Techno Valley Phase 1 or 2.

Jung Han-gyu, Director of the Advanced Mobility Industry Division of the province, emphasized, "This project was established to assist startup companies in Pangyo Techno Valley facing difficulties in overseas expansion due to economic challenges such as high interest rates, high inflation, and high exchange rates," adding, "We plan to carry out a demand-tailored support project for companies to help excellent startup companies expand globally."