Gwangmyeong-si to Allocate Additional Budget to Expand Support for Startup Companies

2 Billion KRW Added in the Second Supplementary Budget...
Additional Applications Accepted Until the 18th
Up to 25 Million KRW Support for 10 Selected Teams

Gwangmyeong City in Gyeonggi Province will secure an additional budget of 200 million KRW to support startup activation.

Gwangmyeong City announced on the 7th that it has added 200 million KRW to the 'Startup Fund Support Project' budget in the second supplementary budget due to increased demand for startup funding support amid the prolonged economic downturn.

This project aims to discover and nurture startup companies in advanced technology and eco-friendly fields that align with the smart city environment. The city previously selected 10 teams through the first public recruitment last month. However, as the number of applicants reached 55, indicating increased demand, the city explained that it decided to allocate additional budget to expand support.

To support the newly secured budget, the city will accept applications for the '2nd Startup Fund Support Project' from startup companies or prospective entrepreneurs until the 18th. The city will select up to 10 teams and provide project funds ranging from 15 million to 25 million KRW per team. The support funds can be used for commercialization development costs, promotion and marketing expenses, materials and production costs, among others.

Selected teams will also be provided with various infrastructure necessary for startup activities, such as office space, startup education, mentoring and consulting, and networking opportunities. Additionally, related management education, diagnosis, and consulting will be supported to systematically establish Environmental, Social, and Governance (ESG) management.

Applicants must be prospective entrepreneurs who have resided in Gwangmyeong City for more than one year as of the announcement date or entrepreneurs who have their headquarters in Gwangmyeong City and have been in business for less than seven years. Evaluation will be conducted through face-to-face qualitative assessment based on the feasibility of the business plan, potential for creating social value, and entrepreneurial spirit.

For more details, please check the 'Gwangmyeong City Startup Support Center' website or contact by phone.

Park Seung-won, Mayor of Gwangmyeong City, said, "Startups are an important driving force that revitalizes the local economy and leads future innovation," adding, "We will continue practical support so that startup companies can reduce initial financial burdens and grow stably."