Recruitment of Innovative Pharmaceutical and Bio Startups
Open Until the 5th of Next Month
The Incheon Free Economic Zone Authority, together with the Korea Technology and Information Promotion Agency for SMEs' K-Bio Lab Hub Project Promotion Team, is recruiting new resident and membership companies to foster innovative startups in the pharmaceutical and bio sectors.
K-Bio Lab Hub is establishing a specialized support facility in Songdo, Incheon, providing office space, laboratory equipment and facilities, support programs, and mentoring to nurture global pharmaceutical and bio startups. This large-scale, long-term project spans nine years starting from 2023, with a total budget of 272.6 billion KRW (109.5 billion KRW from the national government, 155 billion KRW from local governments, and 8.1 billion KRW from the private sector).
This recruitment is part of a pilot project conducted over three years starting this year, prior to the completion of the infrastructure, aiming to pre-discover and nurture promising pharmaceutical and bio startups with excellent innovative technologies.
Companies selected as resident or membership targets will be supported with space usage as well as acceleration, commercialization, investment, networking, and open innovation according to their growth stages. The application period is until the 5th of next month, and actual residency is expected to begin from mid-month.
Han In-seok, head of the K-Bio Lab Hub Project Promotion Team, stated, "We look forward to the participation of pharmaceutical and bio startups with innovative technologies to ensure the sustainable growth of capable bio startups."
Yoon Won-seok, head of the Incheon Free Economic Zone Authority, said, "The pilot project is very important for the early establishment of the K-Bio Lab Hub project system," adding, "We will actively support K-Bio Lab Hub to serve as the focal point of the Songdo bio cluster ecosystem."
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