Gyeonggi-do to focus on fostering Startups in new hyper-connected industries such as Metaverse

Gyeonggi-do has started fostering the metaverse industry.

In line with the government's "Korean New Deal 2.0" policy this year and the global industrial trend of "Digital Transformation," Gyeonggi-do plans to focus on fostering startups in hyper-connected new industries that mean innovative industries that overcome space-time constraints through data connection and IT technologies such as Metaverse, IoT, and Cloud.

Gyeonggi Startup Lab is a support space for startups, operated by Gyeonggi-do and Gyeonggido Business & Science Accelerator since 2019, to promote systematic development of each specialized project for prospective/initial startups within three years of foundation.

Currently, it operates "Digital & Creator Lab" for Game•Information Security•Big data Startups in Seongnam, "AI Lab" in Robot•Drone field in Suwon, and "Social Lab" for Startups that promote a virtuous cycle of social contribution-corporate value-profit increase in Goyang, respectively.

Gyeonggi-do plans to provide customized support by entering not only existing social startups but also startups in new hyper-connected industries at Goyang Lab.

Startups moving into Gyeonggi Startup Lab can receive free office space and furniture necessary for business activities.

In addition, various acceleration supports such as commercialization (prototyping, overseas standards, domestic and foreign certification, test solutions, etc.), marketing (production of promotional materials, advertising, participation in overseas exhibitions, etc.), competency-building education, mentoring, etc. is also provided.

Moreover, it plans to operate demand-based customized specialized programs such as support for mobile test devices in Digital & Creator Lab, demonstration of artificial intelligence technology in AI Lab, and basic social economy and professional consulting in Social Lab.

Gyeonggi Startup Lab is available for prospective start-ups or early start-ups in the 4th industry specialized field. However, the "independent space" can only be provided in between one year and three years after its foundation, and the "open designated seat" can only be provided if it is a prospective founder or within one year of its founding.

The independent space can be used for up to two years and the open designated seats for up to one year. The cost of all spaces (rental·administrative expenses) is free.

Kim Pyeong-won, head of the start-up support division, said, "Last year, the number of employees at Gyeonggi Startup Lab increased 41.8% year-on-year, helping to create the start-up ecosystem," adding, "We will actively support start-ups in specialized fields in response to changing environments such as digital transformation."

Reported by Smart City Today