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Chungbuk-do to create startup funds in five sectors including culture and tourism
On March 5, Chungbuk-do announced that it will create five additional funds worth KRW 135 billion to provide more investment opportunities for local startups.
Since the launch of the 8th popularly elected administration, Chungbuk-do has already established six funds, including the "Nomad Fund," totaling KRW 124.1 billion (KRW 54.5 billion in national funding, KRW 13 billion KRW in provincial funding, KRW 800 million from cities and counties, and KRW 55.8 billion from other sources) for local startups.
As these funds have shown generally positive returns, the capital recouped could be reinvested into new funds, establishing a "startup → investment → growth → recoupment → reinvestment" cycle.
The new startup funds, which will be established this year, are designed in various portfolios to support regional strategic industries and the activation of the startup ecosystem, in collaboration with the Ministry of SMEs and Startups' fund of funds to secure national funding.
The five new funds will focus on the following sectors: ▲ Culture & Tourism (KRW 25 billion), ▲ Advanced Industry Materials, Parts, and Equipment (KRW 20 billion), ▲ Response to Regional Depopulation (KRW 30 billion ), ▲ Global AI (KRW 10 billion ), and ▲ Future Mobility (KRW 50 billion).
Chungbuk-do plans to finalize the first fund in the first half of the year through a public announcement of the program next month and will create the second fund by September in line with the schedule of Ministry of SMEs and Startups' fund of funds.
A provincial official stated, "Through various startup funds, we will work to create an investment environment where local entrepreneurs can start and grow their businesses without worrying about funding."
jeonch@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.03.10
Views
45
According to Yonhap News,
On March 5, Chungbuk-do announced that it will create five additional funds worth KRW 135 billion to provide more investment opportunities for local startups.
Since the launch of the 8th popularly elected administration, Chungbuk-do has already established six funds, including the "Nomad Fund," totaling KRW 124.1 billion (KRW 54.5 billion in national funding, KRW 13 billion KRW in provincial funding, KRW 800 million from cities and counties, and KRW 55.8 billion from other sources) for local startups.
As these funds have shown generally positive returns, the capital recouped could be reinvested into new funds, establishing a "startup → investment → growth → recoupment → reinvestment" cycle.
The new startup funds, which will be established this year, are designed in various portfolios to support regional strategic industries and the activation of the startup ecosystem, in collaboration with the Ministry of SMEs and Startups' fund of funds to secure national funding.
The five new funds will focus on the following sectors: ▲ Culture & Tourism (KRW 25 billion), ▲ Advanced Industry Materials, Parts, and Equipment (KRW 20 billion), ▲ Response to Regional Depopulation (KRW 30 billion ), ▲ Global AI (KRW 10 billion ), and ▲ Future Mobility (KRW 50 billion).
Chungbuk-do plans to finalize the first fund in the first half of the year through a public announcement of the program next month and will create the second fund by September in line with the schedule of Ministry of SMEs and Startups' fund of funds.
A provincial official stated, "Through various startup funds, we will work to create an investment environment where local entrepreneurs can start and grow their businesses without worrying about funding."
jeonch@yna.co.kr
Source Text
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Source: Yonhap News (March 5, 2025)
** This article was translated from Korean.