Gyeonggi-do Provides 10 Million KRW Support to Startup Companies Collaborating with Large and Medium Enterprises

Gyeonggi Province will provide up to 10 million KRW to startups within the province that collaborate with large or medium-sized enterprises.

The Gyeonggi Center for Creative Economy and Innovation is recruiting 40 startups within the province to participate in the ‘Innovation Open Innovation Support Project’ for co-growth between large/medium-sized enterprises and startups until the 3rd of next month.

Open Innovation refers to achieving technological innovation by collaborating with external organizations and stakeholders, utilizing various technology sources, rather than relying solely on internal research and development (R&D) activities.

Gyeonggi-do Style Open Innovation Collaboration Project Guide Poster

The recruitment targets are 24 large and medium-sized enterprises participating in the project and 40 startups within the province established within the last 7 years that can carry out collaborative tasks.

Gyeonggi Province will provide commercialization support funds of up to 10 million KRW to the selected startups for research and development, prototype production, intellectual property application and registration fees, and other expenses necessary for collaboration with large and medium-sized enterprises. Additionally, various capacity-building programs such as expert mentoring and field-specific consulting will be offered.

Startups wishing to participate can apply by visiting the Gyeonggi Center for Creative Economy and Innovation website by May 3rd.

Baey Sang-sang, Head of the Venture Startup Division at Gyeonggi Province, said, "This will be a great opportunity for startups with innovative technologies and fresh ideas to collaborate with large and medium-sized enterprises," and added, "We hope many capable startups aiming to grow together with large and medium-sized enterprises and make a new leap will apply."