As start-ups are having difficulties attracting investments due to the prolonged extension of COVID-19, the Seoul Metropolitan Government (SMG) will support a total of KRW 10 billion with its “Comprehensive Package for Promoting Growth of Promising Start-ups” to help promising start-ups grow steadily. It has the aim of providing customized aid, such as commercialization, R&D, employment and pioneering the market, so that the companies can grow into soon-to-be unicorns.
The SMG will select 100 “promising start-ups” of future growth engines, including the fourth industrial revolution, smart city and bio-medicine, that have accumulated investments from KRW 100 million to KRW 5 billion from domestic and foreign venture investment institutions since 2018 with support of up to KRW 100 million per company.
“Comprehensive Package for Promoting Growth of Promising Start-ups” is not applicable by individual companies, but rather a total of 100 companies will be selected by recommendations from private venture investment institutions that have invested in start-ups with high potential for growth.
The 100 selected companies will receive up to KRW 100 million for business support, which can be used for various essential areas, such as advancement of technology, commercialization, employment, and intellectual property applications at home and abroad.
The SMG has plans to associate the selected companies for “Comprehensive Package for Promoting Growth for Promising Start-ups” with private investment institutions and Seoul Startup Hub to let them participate in programs for the growth of companies, such as business consulting, attracting sequential domestic and foreign investments, and expansion into the global market. The SMG will make promising start-ups grow into soon-to-be unicorns through these concentrated support so that they can benefit from the national government’s soon-to-be unicorn support program.