Photo by Gyeonggi-do Business & Science Accelerator
The Gyeonggi-do Business & Science Accelerator (GBSA) announced that the final performance-sharing event of the ‘2024 Gyeonggi Startup Innovation Space Open Ground (Eastern Region)’ took place on December 10 at the Startup Innovation Space in Hanam, Gyeonggi-do.
The event, hosted by Gyeonggi-do, showcased achievements from a startup support program centered on five cities in Gyeonggi’s eastern region: Hanam, Gwangju, Yeoju, Icheon, and Yangpyeong. It highlighted regional startups’ growth potential and promoted collaborations with major corporations.
The ‘Gyeonggi Startup Innovation Space Open Ground’ is an open-innovation-based acceleration program designed to foster startup growth through partnerships with major and mid-sized companies, focusing on technology validation (PoC) projects.
During this year’s program, eight participating startups pursued technology cooperation projects with six partner companies, including SK Hynix. Six startups successfully signed technology cooperation MOUs with four partner firms.
Jong-bin Lim, Head of the Startup Division at GBSA, attended the event, along with representatives from Hanam Urban Innovation Corporation, ChungKang College of Cultural Industries, Yeoju Institute of Technology, Gyeonggi Creative Star Incubating Center, SK Hynix, and KOLON LSI. Over 50 key stakeholders participated.
The event was divided into two sessions. In the first session, ten outstanding startups from the 25 participating companies conducted IR pitch presentations before professional investors.
Five investment firms, including OpenWater Investment and Inno Bridge Partners, served as evaluators, conducting in-depth assessments of the startups’ innovative ideas and business visions.
The investment agreements secured during the event amounted to KRW 2.1 billion. Inshorts Inc. (CEO Geon-Chang Andy Lee), specializing in digital product placement technology using drama and video content, secured a direct investment of KRW 200 million and an additional KRW 1 billion through linked investments.
Four other promising startups also secured a combined KRW 700 million in direct investments and KRW 1.4 billion in indirect investments, proving the growth potential of the regional startup ecosystem.
The second session featured an open innovation talk concert by SK Hynix, KOLON LSI, and Kyobo Life Insurance. Participants shared collaboration success stories and explored future partnership opportunities.
The event also included 1:1 investment consultation meetings, which provided startups with direct access to professional investors and opened doors for further investment discussions.
Sungcheon Kang, President of GBSA, remarked, “This event has become a pivotal moment for startups in Gyeonggi’s eastern region to collaborate with major and mid-sized companies, revitalizing the local startup ecosystem. We will continue developing customized support policies based on regional characteristics to ensure sustainable growth for Gyeonggi startups.”
