Applications accepted until June 23
Support includes financial, tax, and more
On May 21, Gwangju City announced that it is accepting applications until June 23 for companies wishing to participate in the "Luxury Small Giant Company Development Program," which aims to discover and nurture promising small and medium-sized enterprises (SMEs) in the region.
The "Luxury Small Giant Company Development Program" is a flagship business support initiative of Gwangju City that discovers local SMEs with both growth potential and technological capabilities, providing an annual budget of 1.3 billion won. To date, more than 400 companies have been selected, establishing themselves as key drivers of the regional economy.
Eligible applicants are SMEs or mid-sized companies in the manufacturing or knowledge service industries that, as of the announcement date, have their headquarters and main business site located in Gwangju. This year, approximately 31 companies will be selected and designated according to company size as either ▲Pre-Luxury Small Giant Company (13 companies) or ▲Luxury Small Giant Company (18 companies).
This recruitment is being conducted as the designation periods for the existing 7th cohort of Pre-Luxury Small Giant Companies and the 11th cohort of Luxury Small Giant Companies have expired. The city will review whether to extend their designation, and any vacancies resulting from companies that forgo extension, are disqualified, or graduate will be filled with new designations.
Selection criteria for Pre-Luxury Small Giant Companies require annual sales of at least 1 billion won but less than 5 billion won (for knowledge service industries, at least 500 million won but less than 1 billion won), and an R&D investment ratio of at least 3% of sales over the past three years.
Luxury Small Giant Companies must have annual sales of at least 5 billion won (for knowledge service industries, at least 1 billion won) and either an average annual sales growth rate of at least 5% over the past five years, or an R&D investment ratio of at least 1% of sales over the past three years.
Applicants will undergo a first-round document screening and a second-round presentation and on-site evaluation. Final selections will be made by the selection committee at the end of July. Selected companies will receive a certificate of designation and a plaque.
Evaluations will be conducted qualitatively, considering factors such as technological level, growth strategy, R&D innovation capacity, and ESG (environmental, social, and governance) management readiness. In particular, starting this year, companies that have received ESG diagnosis or consulting, or have participated in Gwangju City's carbon neutrality policy, will be given preferential consideration.
Selected companies will receive a variety of customized collaborative and autonomous support, ranging from product planning to prototype production and product advancement. They will also be eligible for financial, tax, and administrative support, including increased Gwangju City management stabilization funds (from 300 million to 500 million won). This is expected to provide a growth foundation for these companies to become future regional innovation leaders or global small giants.
Companies wishing to apply should submit their applications by mail or in person to the Business Development Team at Gwangju Technopark. Further details can be found in the announcement posted on the Gwangju City and Gwangju Technopark websites.
Hong Nasoon, Director of Startup Promotion, said, "The Luxury Small Giant Company Development Program is an important platform supporting core companies that will drive the Gwangju regional economy," adding, "We look forward to the active participation of local companies with growth potential and innovative capabilities."
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