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Songdo City¡¯s Startup Park Begins Full-Scale Financial Support for Promising Startups5 startups in 4 fields selected to be eligible for support
ÃÖÈ£ÁØ °­³²Æ÷½ºÆ® Çлý±âÀÚ | ½ÂÀÎ 2020.10.15 20:53

The international city of Songdo is planning to open its own Startup Park (also called a Venturepolis) called POOM in December of 2020, which will support promising startups in the region. Leading up to its full-scale opening, the Incheon Free Economic Zone (IFEZ) has recent announced that 5 startups in 4 fields were picked in a competition, chosen out of a participant pool of over 30 others. They would be supported by the ‘2020 Incheon Startup Park Financial Support Program’.

Companies were selected from the four fields of Smart Cities, Bio, Information Security, and Sharing Economy. The companies specifically were: Wedrive Inc., a big-data company providing a platform that collects traffic information, Smile System Inc., an online-to-offline(O2O) company that provides a platform for travel convenience, STS Bio Co. Ltd., a bio company providing delivery for closed drugs, Seculetter Co. Ltd., an AI-based security company that prevents email hacking, and Docuworld LLC., a cyber-education company specializing in cyber-violence prevention.

Each company will receive a commercialization support cost of up to 180 million KRW(approximately 150,000USD) and benefits from other supporting projects happening in Startup Park.

This program plans to support promising startups that have not gone beyond the commercialization stage that could not expand their businesses despite having innovative ideas. IFEZ plans to continue to expand programs in support of these startups that hope to become unicorn companies through technological innovation.

The Startup Park is a national public offering project that aims to establish an open innovative startup base, like Silicon Valley in the United States, and it has been led by the Ministry of SMEs and Startups(MOSS). Incheon City’s Songdo International Business District was designated as a base of operations by the MOSS last July, and an open anchor facility is now being built to house startups using a total national budget of 24.1 billion KRW(approximately 20 million USD).

IFEZ was the primary organizer of this project, while Shinhan Financial Group and Celltrion would act as private operators along with Incheon Techno Park for the next four years. 57 other promising future startups were selected in July 2020 to receive support from the public-led development program while more than 80 companies are to be selected by October 2020 to receive support from the private-led development program, all before the park’s scheduled opening in December of 2020.


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