Online Applications Accepted Until the 28th...
Up to 24 Million Won in Startup Technology Funds for Selected Applicants
Officials from Jeonnam Province recently conducted promotional activities related to the Jeonnam-style Youth Startup Academy. Photo by Jeonnam Province
Jeonnam Province announced on May 18 that it will accept applications from candidates (companies) for the 'Jeonnam-style Youth Startup Academy,' which will be operated from July this year as the first such program among metropolitan governments nationwide. Applications will be accepted from May 19 to May 28.
The Jeonnam-style Youth Startup Academy is designed to promote technology startups in advanced future sectors by university students and young people, with a focus on enabling startup companies to achieve rapid business stability and growth.
Selected companies will receive up to 24 million won in startup technology commercialization funds, provided as 1 million won per month for up to two years. In addition, customized one-on-one mentoring and expert coaching programs in areas such as management, accounting, law, and investment attraction will be provided on a regular basis.
Furthermore, a variety of linked programs will be supported to accelerate the commercialization of technology startup items, centered around startup and incubation spaces at 16 universities and research institutes. These include prototype production, intellectual property (IP) certification such as patents, trademarks, and designs, and business model consulting.
Eligibility for the Jeonnam-style Youth Startup Academy is limited to prospective founders or companies established within the last five years (since January 1, 2020), and applicants must be between the ages of 18 and 45 (born between 1980 and 2007). After being selected, participants must move into the startup facilities at one of the 16 university or research institute incubation centers and establish or relocate their business (corporate) address to the relevant facility. Residents of Jeonnam, those planning to move to Jeonnam, and residents of other cities or provinces are all eligible to apply.
However, preferential consideration will be given during the selection process to current Jeonnam residents, those planning to move to Jeonnam, and university students in the province (including master's and doctoral students).
A total of 150 individuals (companies) will be selected. By field, 100 will be chosen from regionally specialized technologies such as aerospace, biotechnology, artificial intelligence (AI), data, and energy; 30 from agricultural and fisheries technology; and 20 from culture and tourism, with a focus on advanced technology startups in future-oriented sectors.
To apply, candidates must first register as a member on the Jeonnam-style Youth Startup Academy website, upload the required documents to complete the preliminary application, and then visit their desired incubation institution to submit the original application form. Only online applications are accepted; if the in-person submission is not completed, the application will not be recognized.
The required documents total 11 types, including a business plan, and only certificates issued after the announcement date are valid. For more details, applicants can refer to the Jeonnam Province website or contact the Jeonnam Venture Startup Information Center or one of the 16 incubation institutions.
Seo Eunsu, Director of Job Creation and Investment Promotion at Jeonnam Province, said, "We will strive to ensure that the Jeonnam-style Youth Startup Academy increases the startup success rate for university students and young people who wish to launch ventures, and becomes a central pillar of the startup ecosystem in Jeonnam."
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