Busan Port Authority Announces Recruitment for Resident Companies at Startup Support Platform '1876 BUSAN'

Startup and Research Grants and Testbed Support for Three Companies

Busan Port Authority (BPA, President Kang Junseok) is recruiting new companies to join the startup support platform for shipping, port, and logistics sectors, ‘1876 BUSAN’, until the 24th of this month.

‘1876 BUSAN’ is a technology startup support platform jointly operated by Busan Port Authority in collaboration with Korea Ocean Business Corporation and Busan Metropolitan City, aimed at supporting startups in the shipping and port sectors and creating jobs in the Busan region.

Since its pilot launch in February 2022, this platform has supported a total of 12 startups over about two years by exempting office rental fees and more. Resident companies have achieved increases of 106% in sales, 41% in the number of employees, and 151% in R&D funding.

Eligible applicants include prospective entrepreneurs and small and medium-sized enterprises (SMEs) in the shipping, port, and logistics sectors that have been established for less than seven years. Detailed criteria, such as the startup reference date, are based on the ‘Support for Small and Medium Enterprise Establishment Act’.

BPA will conduct a comprehensive evaluation of business plans, technological capabilities, and management skills of the prospective entrepreneurs and startups that apply for this call, and will select up to three companies in the final round.

The selected companies will sign residency contracts for up to two years and receive various support programs, including provision of office space (with rent exemption), startup and research funding, testbed opportunities, and education and consulting related to startups.

Detailed information regarding the application can be found on the BPA website. Companies wishing to join should submit the required and additional documents specified in the residency announcement to the BPA Port Research Department via email.