55 Gyeongsangnam-do Supported Startups Achieve 92 New Hires and 3.3 Billion Won in Investment

Gyeongsangnam-do has achieved results of 92 new hires and 3.3 billion won in investment attraction through nurturing programs being promoted for technology-based startups and local entrepreneurship companies utilizing regional resources.

Gyeongsangnam-do announced the interim results of the ‘Gyeongnam Startup Acceleration Support Program’ and the ‘Gyeongnam Resource-Linked Local Entrepreneurship Support Program,’ which are conducted in conjunction with the Gyeongnam Center for Creative Economy and Innovation, on the 29th. These results are the interim tally of a total of 55 companies participating in the two programs.

27 Tech Startups Expand Investment and Employment, Including Selection for TIPS

The 27 companies participating in the ‘Gyeongnam Startup Acceleration Support Program,’ which supports companies in new industries, artificial intelligence (AI), and content sectors, have hired 61 new employees so far. These companies attracted a total of 3.3 billion won in investment and were found to have secured 38 intellectual property rights (patent applications and registrations).

In particular, 4 of the participating companies achieved the result of being selected for TIPS, a technology startup support program by the Ministry of SMEs and Startups. TIPS is a program that links private investment with government research and development (R&D) funds, and selected companies can receive up to 800 million won in R&D support per company.

28 Local Startups Build Export and Cooperation Models Using Regional Resources

The 28 companies participating in the ‘Gyeongnam Resource-Linked Local Entrepreneurship Support Program,’ which utilizes the resources and culture of regions with declining populations, have newly employed 31 people and secured 17 intellectual property rights so far. The overseas export volume of these companies was tallied at 14 million won.

Looking at individual company cases, 'Crew,' a local guide-based tour and activity operator located in Namhae, newly employed 5 people and signed 3 Memorandums of Understanding (MOUs) with companies in the United States and Taiwan for local product supply and joint marketing. 'Geochanghan Guksu,' located in Geochang, was selected for the Ministry of SMEs and Startups' LIPSⅡ and secured 85 million won in commercialization funds, achieving 14 million won in performance by exporting products to Australia, Japan, and China.

Cooperation models between regional companies also emerged. 'Geochanghan Guksu' is discussing a cooperation plan to develop toppings and seasonings for meal kits using the mushroom drying technology of 'Sayup Agricultural Corporation' located in Uiryeong, and to be supplied with dried mushrooms.

Gyeongsangnam-do held an interim report meeting from the 22nd to the 23rd, attended by officials from the Gyeongnam Center for Creative Economy and Innovation and private accelerators, to inspect the progress of the projects. A Gyeongsangnam-do official stated, “Startups leading technological innovation and local startups adding value to regional resources are important pillars of the Gyeongsangnam-do economy,” and added, “In the latter half of the project, we will support startup companies so they can settle in the region and grow into domestic and international markets through support tailored to each company's growth stage.”