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From Business Diagnostics to Investment Promotion … Cultivating Bio Startups

The city issued a public call for participants in itsaccelerating program; the application open until July 15th

The Incheonis calling for participating businesses fin its ‘Accelerating Program’ tocultivate bio ventures and startup companies, which will be the foundations forthe development of a bio cluster in cooperation with Incheon Technopark.

Thisprogram, which is a part of the 2022 Bio Cluster Development Support Program, waslaunched to lay the foundation for the bio R&D and startup support systemsbefore the all-out implementation of the K-Bio Lab Hub Development program,which is a strategic infrastructure development project to lead the therapy,vaccine, and new drug development startups.

Thetotal project budget is 200 million won, with a grant package of 15 million wonto be doled out to each participating company.


▲ The Incheon is calling for participating businesses fin its‘Accelerating Program’ to cultivate bio ventures and startup companies, whichwill be the foundations for the development of a bio cluster in cooperationwith Incheon Technopark. Photo: A bird-eye view of K-Bio Lab Hub.

 

Throughprivate startup accelerators, the city will carefully select promising bio-industrystartups and provide various forms of support, including consulting, mentoring,training, investment connections, and other technological startup programs.

Thecity plans to cultivate bio startups in a systematic and sustained mannerthrough this program by ▲ identifying startups with promising technologies andbuilding a pool of such candidates, ▲ connecting the beneficiaries withinvestors to provide mentoring and funding to enhance the growth rate in eachphase of the companies, ▲ listening to and analyzing the opinions and inputsrelated to the bio startups and operation support programs.

Theapplication is open from the 27th of this month to the 15th of the next month,and any businesses that were designated as Excellent Startup Candidates or thebio, pharmaceutical, or medical device companies in their early phase of growth(that is, within seven years from the foundation) may apply. The candidateswill be screened through multiple phases, such as the preliminary diagnosticsin Phase  1 (10 candidates) and theselection of the excellent companies in Phase 2 (five candidates), to selectthe final beneficiaries of the program.

Thefinal beneficiaries (five businesses) will be provided with a comprehensivesupport package of customized accelerating programs, which include ▲ businessdiagnostics and business model development, ▲ mentoring and training, ▲ IPupgrading, ▲ promotion, and marketing, ▲ IR capacity building program, ▲investment inducement support, etc.

Also,the beneficiaries will take advantage of a bio startup discussion body, seminarprograms, and networking programs. Once the program is concluded, follow-upprograms and follow-up matching with investment organizations will be providedcontinuously.

Further details about the program can be found on the website ofIncheon Technopark (itp.or.kr) or the callfor application in Incheon Biz OK(bizok.incheon.go.kr) website.


 

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