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From Business Diagnostics to Investment Promotion … Cultivating Bio Startups

Created date
2022-07-08

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

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

This program, which is a part of the 2022 Bio Cluster Development Support Program, was launched to lay the foundation for the bio R&D and startup support systems before 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.

The total project budget is 200 million won, with a grant package of 15 million won to 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, which will be the foundations for the development of a bio cluster in cooperation with Incheon Technopark. Photo: A bird-eye view of K-Bio Lab Hub.

 

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

The city plans to cultivate bio startups in a systematic and sustained manner through this program by ▲ identifying startups with promising technologies and building a pool of such candidates, ▲ connecting the beneficiaries with investors to provide mentoring and funding to enhance the growth rate in each phase of the companies, ▲ listening to and analyzing the opinions and inputs related to the bio startups and operation support programs.

The application 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 the bio, pharmaceutical, or medical device companies in their early phase of growth(that is, within seven years from the foundation) may apply. The candidates will be screened through multiple phases, such as the preliminary diagnostics in Phase  1 (10 candidates) and the selection of the excellent companies in Phase 2 (five candidates), to select the final beneficiaries of the program.

The final beneficiaries (five businesses) will be provided with a comprehensive support package of customized accelerating programs, which include ▲ business diagnostics and business model development, ▲ mentoring and training, ▲ IP upgrading, ▲ promotion, and marketing, ▲ IR capacity building program, ▲ investment inducement support, etc.

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

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


 

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