Gyeonggi-do Selects 20 New Startups for Pangyo TV... Provides Overseas Expansion Funding

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency are recruiting participating companies for the ‘Global Startup Commercialization Support Project’ until the 4th of next month to help startups located in Pangyo Techno Valley 1 and 2 enter overseas markets.

This project provides practical commercialization funds for startups in Pangyo Techno Valley that have excellent technology but lack preparation for overseas expansion. This year, a total of 950 million KRW in commercialization funds will be provided to 20 companies.

Gyeonggi Province explained that over the past three years, it has supported 40 promising startups with 1.9 billion KRW in commercialization funds, achieving an economic ripple effect 27 times the budget input, including 28.4 billion KRW in domestic and international investment attraction and 23.3 billion KRW in domestic and international sales.

Gyeonggi Province is launching support for commercialization funds as part of its global startup development project.

The 20 companies selected this time will receive up to 50 million KRW per company, which can be used for labor costs, product development costs, prototype production costs, intellectual property application fees, video production costs, and market development costs necessary for overseas commercialization.

Applications are open to startups within seven years of establishment that have their headquarters located in Pangyo Techno Valley 1 or 2, or companies whose headquarters are in Gyeonggi Province and have a research institute (dedicated research and development department) or branch office (overseas expansion-related department) located in Pangyo Techno Valley 1 or 2.

Jung Han-gyu, Director of the Advanced Mobility Industry Division of Gyeonggi Province, said, "This project is designed to help startups in Pangyo Techno Valley that are struggling to expand overseas due to uncertain economic conditions and the global economic downturn," adding, "We plan to carry out a demand-tailored support project for companies to promote the global expansion of excellent startups within Pangyo Techno Valley 1 and 2."