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  • Seoul launches $ 1.1 billion worth of innovative growth fund to promote startups by 2022

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    • –Seoul to attract 200 billion won ($ 187 million) worth of “innovative growth fund” in 2018 alone to support startups and restarting businesses
    • –Based on the master plan, Seoul to increase specialized startup infrastructure, and support around 1,300 startups, creating more than 6,300 jobs
    • –By 2022, the total number of startup business infrastructure to reach to 90, and 1.2 trillion won ($ 1.1 billion) to be attracted from public and private investors for the innovative growth fund
    • –Also, the city to encourage startups to advance into the world market, promote university students and young adults to start their own businesses, and provide step-by-step assistances to startup businesses

    SEOUL, SOUTH KOREA, March XXM, 2018 – The Seoul Metropolitan Government announced its master plan for startup assistance to realize a vision of “innovative startup-friendly city of Seoul.” The plan includes the launch of 200 billion won ($ 187 million) worth of “innovative growth fund,” and the increase in infrastructure for business starters by the end of this year. Through this scheme, the city government expects to support around 1,300 startups and create more than 6,300 jobs.

    Meanwhile, the Seoul Metropolitan Government has already announced on January 31, 2018 its five-year roadmap plan to increase the total number of startup business infrastructure up to 90, and attract 1.2 trillion won ($ 1.1 billion) from public and private investors for the innovative growth fund. The fund will be injected into businesses having Industry 4.0 technologies (450 billion won), early stage venture and startup companies founded within three years (500 billion won), restarting businesses (50 billion won), and bio (100 billion won) and culture contents businesses (100 billion won).

    During 2018 as the first year for this mid-term roadmap plan, the city government is committed to 1) attracting the innovative growth fund, 2) increasing specialized startup infrastructure, 3) encouraging startups to advance into the world market, 4) promoting university students and young adults to start their own businesses, 5) supporting restarting startups, and 6) providing step-by-step assistances to startup businesses. To fulfil these efforts, 200 billion won will be attracted this year from the public and private sectors, including the Seoul Business Agency, a municipal organization for business, which is expected to invest 20 billion won.