JEJU-DO < invest Korea

According to Yonhap News,

Creative Economy Innovation Center Jeju Office and a startup accelerator, Krypton, signed an MOU on Apr 29 over a partnership to promote VC-startup investment in Jeju. Under the contract agreed upon, both pledged to foster early-stage companies through the different developmental phases so as to help them have sufficient resources to mature and promote entrepreneurship in Jeju startup ecosystem.

They’re laying out a co-op like mutually beneficial business model to create virtuous circle, in which community residents raise funds to pool financial resources for startup investment and these individual investors are given a ownership equity in the company for the seed money, thereby contributing to community development.

Once the entrepreneurs who’ve provided with financial backing from the co-op members scale up and grow enough to stand alone, they give a boost in exchange for what they’ve earned from the community to another entrepreneurial ventures in search of funds to get off the ground. The very first community cooperative members are scheduled to convene and celebrate the inauguration ceremony in May.

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Source:Yonhap News (Apr 29, 2021)