Gyeonggi Province has revealed that 394 companies applied for the second phase of the ‘Climate Tech Startup Incubation’ project, which aims to nurture climate tech startups into global unicorn companies, resulting in a high competition rate of 12 to 1.
The Climate Tech Startup Incubation project is a program that provides startup companies possessing climate change response technologies with 40 million KRW in commercialization funds, and offers opportunities such as open innovation, connections with large and medium-sized enterprises for P.o.C (Proof of Concept) collaborations, as well as advanced global expansion strategies and business growth in the domestic market.
Open innovation refers to a strategy of introducing specific technologies and information from external sources such as other companies or research institutions, while simultaneously sharing internal company resources or technologies externally to create new products or services.
Gyeonggi Province will select the final 33 companies on March 14 after document and presentation evaluations.
Cha Seong-su, Director of the Climate Environment and Energy Bureau of Gyeonggi Province, stated, "The high competition rate in the Climate Tech Startup Incubation project is the result of growing interest in the climate tech field and collective efforts to respond to the climate crisis," adding, "We will do our best to support these passionate climate tech startups so that their enthusiasm leads to tangible outcomes."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
