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N. Chungcheong Pro. to set up 4 VC startup incubation centers to be a mecca of bio-healthcare biz

According to Yonhap News,

North Chungcheong Province announced a plan to build up VC- startup incubation centers on Jan 12 which aims to foster local bio-healthcare business within the region. The provincial government laid out a master plan for the formation of the facilities, a workplace where startups or VC firms gain access to resources to start or scale up business by establishing four separate venture startup incubators and accelerators dedicated to bio-healthcare technology research work (Osong in Cheongju City and Chungju city each), Knowledge Service Industry Center studying natural products as sources of new drugs (Jecheon city) and R&D center for what’s known as Illite minetals (Youngdong).

A center where businesses study bio-healthcare technologies used for commercially viable products and services is set to be located on a 6,930㎡ site near Osong by 2024. The cost for the construction is reported to total KRW 20 billion. Once the facility is set up, nearly 30 rooms to accommodate VC startup firms and a manufacturing space where the first batch of products are made will attract tech-intensive early stage enterprises.

A Knowledge Service Industry Center studying bio-healthcare technologies are known to be built in 2024. With KRW 24.8 billion in total, the center which will be established on a 14,000㎡ gross area would provide business space for bui-healthcare, ICT venture startups companies. For another Knowledge Service Industry Center, an R&D institute studying natural products as sources of new drugs, the provincial authorities will systematically run startup incubator- accelerator programs in combination with the existing biz-support policies from the year 2023 in Jechoen city.

By forming a cluster of manufacturing facilities, an R&D center which will be located in Youngdong to develop mineral technologies would pave the way for the growth of local venture startup firms.

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Source: Yonhap News (Jan 12, 2021)

** This article was translated from Korean.