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Ulsan city looking for SMEs to join the city’s biz-aid program to innovations of tech-startups

According to Yonhap News,

The city of Ulsan is looking for locally based small and mid-sized companies (SMEs) interested in taking part of the city-led business support programs, particularly aiming at promoting innovations of tech-startups, a city official said on Apr 16. The program supports industry-affiliated university sponsorship programs to help navigate the process of technology development and transfer, as a means to foster small and mid-sized businesses showing great growth potential and brilliant ideas. Candidates must be (would-be) entrepreneurs who want to share technological expertise or SMEs established less than seven years, or those (whose business history is over seven years) interested in altering business sectors involved in or diversifying new product lines, services, skills etc.

This year, the city is set to pick out and support eight potential candidates in total, extending the scope of the services to research and development.

Once selected, the candidates are entitled to be provided with up to KRW 40 million, to cover expenses spent on tech-transfer counseling and prototyping to run simulation, adding R&D grants, up to KRW 170 million over the next two years (approx. KRW 85 mln annually).

These shortlistees are also allowed to attract VC investments while joining the startup or trade ministry’s R&D projects after deliberation from investment vehicles.

For more information, contact Ulsan Economic Promotion Agency.

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Source:Yonhap News (Apr 16, 2021)

** This article was translated from Korean.