The Gyeongbuk Center for Creative Economy & Innovation (Director: Lee Moon-rak) is currently accepting applications for the 2023 Gyeongbuk Innovation Venture Acceleration Program until the 21st. This program is designed to support promising regional startups and venture companies aiming for global expansion.
About the Program
The Gyeongbuk Innovation Venture Acceleration Program provides tailored support by partnering with leading global accelerators to facilitate strategic overseas market entry for participating companies. The program is structured in two phases:
• Phase 1: Targets 15 companies, offering global consulting and commercialization support.
• Phase 2: Targets 6 companies, focusing on on-site global consulting and investment pitch sessions.
Phase 1: Global Consulting & Commercialization Support
The first phase includes:
1. Global Entry Consulting: In-depth business diagnosis, KPI setting, and overseas market research to develop market-entry strategies.
2. IR Pitch Training: Assistance in creating investor relations (IR) materials and training on global pitching skills.
3. Commercialization Support Fund: Up to 10 million KRW per company for creating marketing materials for international markets.
Phase 2: On-site Consulting & Investment Pitch Sessions
The second phase involves on-site expert consulting in global markets and connecting participants with startup events to attract investors.
Success Stories from 2022
Last year's program saw notable successes:
• Quanta Materials Co., Ltd. (CEO: Kwon Joon-beom), specializing in gallium oxide powders for power semiconductors, achieved $100,000 in export sales.
• Jina FNC (CEO: Song Yeon-sil), focusing on traditional fermented Korean sauces, secured $25,000 in export sales.
• InHand Plus (CEO: Lee Hwi-won), which offers a personalized AI-based medication management platform, won the 2023 CES Innovation Award.
These achievements highlight the program’s effectiveness in driving global expansion.
Eligibility and Application
The program is open to startups registered in Gyeongbuk with less than seven years of business operation as of the announcement date. However, companies that have previously participated in similar programs organized by Gyeongbuk Province or the Gyeongbuk Center for Creative Economy & Innovation are not eligible to apply.
Applications are accepted via email until 5 PM on the 21st.