The Seoul Metropolitan Government says it’s going to invest 126 million U.S. dollars through 2023 to support over one-thousand companies to boost innovative technology development.
With the project ‘testbed Seoul’, the city announced on Monday that it will provide its subways, roads and bridges to evaluate innovative companies’ technology.
Seoul will kick off its project this year by investing some eight million U.S. dollars to test a number of technologies developed by 50 companies.
Starting June 1st, firms will be able to submit their applications online and the result will be posted within the next eight weeks.
Companies can apply for two types of testbeds.
They will either receive financial support from the Seoul Metropolitan Government or be provided with test spots including City Hall, the city hospital and underground markets where companies will be allowed to test their prototypes and services for up to a year.
Seoul will issue ‘performance certificates’ to products with proven safety and function.
The city is going to raise its budget limit to 16-thousand dollars to purchase innovative technology and it will introduce new policies next year to encourage its sub-agencies and departments to buy innovative products.
Planning to establish the Seoul Business Agency Testbed Consortium in July to support companies, Seoul is expected to hold a testbed exhibition to promote innovative products in September while organizing a startup pitching day every month.
Kan Hyeong-woo, Arirang News.
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