Gyeonggi Province and GEPS Support 15 Restart Entrepreneurs...Up to 30 Million Won in Commercialization Funds

[Suwon Ilbo=Reporter Park No-hun] As many startups struggle amid the recent COVID-19 pandemic, Gyeonggi Province is providing customized support ranging from capacity building to commercialization funds for restart entrepreneurs within the province who dream of new growth and successful comebacks this year.

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency announced on the 5th that they are pursuing the '2021 Restart Entrepreneur Support Project' and recruiting prospective and early-stage restart entrepreneurs to participate in the project.

The 'Restart Entrepreneur Support Project' aims to promote successful restart businesses by providing a variety of support measures including commercialization assistance, restart entrepreneurship education, and networking to prospective and early-stage restart entrepreneurs within the province who have high potential.

The project targets a total of 15 companies, including prospective restart entrepreneurs within the province and restart entrepreneurs within the province who started their businesses within three years (after March 5, 2018).

However, if restarting in the same type of business, the revised provisions of the Small and Medium Enterprise Startup Support Act (effective October 8, 2020) apply, and companies are included even after three years have passed (two years for bankruptcy or insolvency).

Selected companies will receive commercialization funds ranging from a minimum of 24 million won to a maximum of 30 million won per company for item development (prototype manufacturing, software development-related rent, etc.), intellectual property rights (patents, utility models, designs, etc.) applications and registration, promotion and marketing (domestic and international exhibition participation, promotional material production, etc.), and market research.

Additionally, prospective restart entrepreneurs can use Startup Base Camp (Gwanggyo, Suwon), a shared open startup space.

Furthermore, various programs including restart entrepreneurship education (12 hours), networking days (3 sessions), and investment IR (Invest Round) education will be operated to strengthen the capacity of participating companies.

Notably, this year the province will strengthen investment attraction IR programs such as networking between investors and startups and one-on-one mentoring with investment experts to enhance startup investment capabilities, and improve consulting functions through restart business consulting services.

The application deadline is March 24 (Wednesday) at 6 p.m., and applicants can submit their applications, business plans, and other required documents online through the Gyeonggi Startup Platform (www.gsp.or.kr) after registering as a member.

Park Sang-deok, head of the Startup Support Division at Gyeonggi Province, said, "This project provides an opportunity for prospective and early-stage entrepreneurs with high potential for comeback to make a new leap forward," and added, "We urge active interest and participation from entrepreneurs dreaming of a successful comeback."

Gyeonggi Province is promoting various projects including the Restart Success Center, the New Gyeonggi Startup Competition, and the Gyeonggi Restart Fund to implement the Democratic Administration's goal of 'Fair Economy Full of Innovation.'

The 'Restart Success Center,' which opened in April 2019, plans to strive for startup success by prospective and restart entrepreneurs by carefully selecting and placing field experts to enhance consulting satisfaction.

For more information about the Restart Entrepreneur Support Project, inquire at the Gyeonggi Economic Science Promotion Agency Startup Support Team (031-259-6272).