Moved to Incheon as an excellent company by forming the Innovation Mother Fund No. 3 Association
Incheon Metropolitan City is expected to be reborn as a city for youth venture by forming the Innovation Mother Fund No.3 Association.
The city of Incheon announced on the17th that it had signed a business agreement for the ‘Incheon Innovation Mother Fund No. 3 Association’ in the hospitality room of the city hall and awarded commendation plaques to the accelerator (AC)companies headquartered in Incheon.
▲ Incheon Metropolitan City is expected to be reborn as a city for youth venture by forming the Innovation Mother Fund No.3 Association. The photo shows the 'business agreement for Incheon Innovation Mother Fund No. 3 Association and awarding ceremony of commendation plaques to the accelerators' on the 17th at the City Hall Hospitality Room.
The total size of the 'Incheon Innovation Mother Fund No. 3 Association' is 8 billion won, and six organizations, including Incheon Metropolitan City and (Corporation) Small and Medium Business Convergence Incheon Bucheon Gimpo Federation, Geomdan General Industrial Complex Management Corporation, Inha University I-Startup Lab,Incheon National University Industry-University Cooperation Foundation Startup Support Group, Incheon Center for Creative Economy and Innovation, will participate in the agreement.
The parties to the agreement agreed to actively cooperate to revitalize the local economy, not only by investing funds in the future, but also by helping companies grow through the discovery of excellent companies.
(Corporation) Small and Medium Business Convergence Incheon Bucheon Gimpo Federation and Geomdan General Industrial Complex Management Corporation, which are leading the future industry through convergence and collaboration, will cooperate in revitalizing the investment ecosystem by discovering and supporting excellent promising venture start-ups.
This fund is an association in the form of mother fund (a fund of funds) that invests in individual funds (investment associations) rather than direct investments in companies, and as Inha University and Incheon National University confirm the investment, it plans to establish an “investment attraction fund for youth ventures and start-ups” for young people in connection with each university’s start-up support group.
A total of 6 billion won will be invested in each of 2 billion won for three years from this year to a youth representative or an association that invests in venture/start-up companies with 50% or more of the youth ratio, and the fund management company will invest 18 billion won, which is three times more than the previous amount, in local youth companies.
▲ Business agreement for Incheon Innovation Mother Fund No. 3 Association and awarding ceremony of commendation plaques to the accelerators
Meanwhile, KingoSpring Co., Ltd., which received a plaque of commendation on this day, confirmed the relocation of its headquarters from Pangyo to Incheon in March, and (Foundation) Next Challenge Asiais an accelerator company that was founded in Incheon in February of last year.
The city of Incheon expects start-ups from other regions to flow into Incheon as well by establishing a virtuous cycle of investment and policy support through the formation of funds for young people and the attraction of local accelerator companies, and by establishing a status as a center for youth startups and supporting excellent young startup companies to take root in Incheon.
In the past, Incheon has been a barren land for the investment ecosystem, but last year, but last year, it became the first local government to use the funds to create the Incheon Innovation Mother Fund. With this as a starting point, the head office of the first existing venture capital company in Incheon was relocated from Pangyo to Incheon and leading accelerators (ACs) continue to be relocated or established in Incheon, and the investment ecosystem in Incheon is thriving.
