DAEJEON < invest Korea

According to Newsis,

The city of Daejoen announced on Feb 11 that the local authorities will select 15 promising startups, recognized as the driving force to lead the local economy. This is part of SMEs ministry’s project to nurture local superstars. They find capable businesses with full potential thought to contribute a lot to the local economy and provide a package of support programs such as biz- consulting, technical support, affirmative action plan helping small businesses to join national –municipal projects and administrative support to boost export.

The selectees will be given the relevant support for three years, along with cash grants as much as KRW 30 million for those who join biz- consulting & growth strategy coaching session from the beginning of the service.

Under the program management system, which takes full care from A to Z of each startup, those selected can join strategy setting process, expected to cost nearly KRW 600 million for up to two years, to make products and services commercially available. To enjoy the service, applicants are required to be headquartered or have office in the city of Daejeon, hiring more than 10 employees and to reach annual sales over KRW 5 billion – KRW 40 billion on average over the past three years. R&D spending to revenue ratio for the past three years must also go above 1 percent. Those who wish to try must submit the application form until Mar. 9.

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Source: Newsis (Feb. 11. , 2020)