Gyeonggi-do Economic Science Promotion Agency to Provide Up to 20 Million KRW for ICT Innovation Device Service Development Companies

The Gyeonggi-do Economic Science Promotion Agency is recruiting companies to participate in the 'ICT Innovation Device Service Development Support' project, which aims to support the technological advancement and commercialization of products and services for information and communication technology (ICT) companies.

This project is part of the 'Open Innovation Digital Open Lab Establishment Project', which is jointly promoted by the Ministry of Science and ICT, Gyeonggi-do, and Daegu City. It is designed to support product development and technological advancement for small and medium-sized enterprises (SMEs) and startups in the ICT device sector, thereby accelerating the launch and commercialization of related services.

The eligible applicants are SMEs and startups located anywhere in Korea that wish to develop or advance ICT device products and services by adopting digital innovation technologies such as AI, 5G, and big data. Applications can be submitted through the Digital Open Lab website until May 12.

Selected companies will receive development funding to advance their products and services.

Poster for Gyeonggi-do Economic Science Promotion Agency's 'ICT Innovation Device Service Development Support Project'

Support areas include hardware (HW) advancement and the utilization of artificial intelligence (AI) technology. For HW advancement, up to 10 million KRW per project is available, while for AI technology utilization, up to 20 million KRW per project is provided.

The agency plans to select approximately 25 projects. Participating companies are required to cover 25% of the total project cost, with at least 10% of this amount to be paid in cash.

The agency aims to resolve the practical challenges faced by local SMEs in the process of commercializing the latest ICT technologies and to enhance their chances of entering the market. It is also considering follow-up support for the entire commercialization cycle for the selected companies in the future.

Kim Hyungon, President of the agency, stated, "The core of the digital transformation era is the ability to realize technology in actual products and services," adding, "We look forward to the active participation of promising SMEs and startups with advanced technologies."