Busan Startup Innovation Growth Support... First Initiative This Year
Support for 20 Promising Startups with Less Than 7 Years of Operation Selected
Busan City is launching the 'Busan Startup Leap Package (Bundle) Support Project' for the first time this year to support the innovative growth of startups in Busan.
The 'Busan Startup Leap Package' support project selects around 20 promising Busan startups with less than 7 years of business experience that possess innovative ideas or technologies and high growth potential. It supports the entire commercialization process, from business diagnosis to product and service advancement, funding, mentoring, and investment attraction.
Selected companies will receive up to 50 million KRW in commercialization funds, technology advancement, investment capability enhancement programs, and opportunities for overseas expansion to boost global competitiveness.
Specifically, all selected companies will receive business diagnosis and business model (BM) review support. Based on the diagnosis results, companies requiring technology transfer or intellectual property (IP) acquisition will be supported for technology advancement.
To activate investment attraction, a demo day will be held, and commercialization funds will be provided differentially (from 13 million KRW to 50 million KRW per company) based on the results.
Additionally, companies wishing to enter the global market will be offered opportunities for overseas expansion and customized consulting to build global partnerships and enhance global competitiveness.
Companies wishing to participate in the support project can apply online through the Busan Startup Portal by February 26.
After the application period ends, the city will conduct eligibility reviews, document and face-to-face evaluations, and finalize the selection of supported companies in March. The city plans to provide close support throughout all stages necessary for company growth, including the business leap program and activation program.
Son Seong-eun, Director of Financial Startup Policy at the city, stated, “At the 38th Emergency Economic Measures Meeting held last September with the theme of 'Startup Innovative Growth Support,' participants strongly emphasized the need for scale-up policies to grow startups with potential into high-growth companies. In response, our city is rapidly implementing innovative growth support measures such as establishing startup infrastructure and creating large-scale startup funds.” He added, “This support project was prepared as part of these measures, and we will systematically promote it to lead the growth of local startups with high challenge spirit and innovation, helping them leap into unicorn companies.”
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