Incheon Free Economic Zone Authority Supports Promising Startups' Proof-of-Concept Products Entering Public Market

The Incheon Free Economic Zone Authority announced on May 4 that it will launch a market expansion support program to help promising startups enter the public sector market.

This program is designed to support outstanding proof-of-concept products from startups so that they can be designated (or apply for designation) as innovative products and be connected to public procurement opportunities. Selected companies will receive expert consulting, pre-evaluation simulations, public procurement counseling sessions, and support for patent application fees or promotional material production.

Through this initiative, the Incheon Free Economic Zone Authority plans to strengthen the foundation for entry into the procurement market, facilitate practical connections with demand sources, and help expand sales channels.

Incheon Startup Park panorama. Provided by Incheon Free Economic Zone Authority

Approximately 15 companies will be selected for the program. Eligible applicants are companies based in Incheon that have been established for less than seven years and possess innovative technologies, products, or services. In the case of new industries, companies within ten years of founding are eligible to apply. Companies from other regions may also participate if they relocate to Incheon within three months of signing an agreement.

Companies wishing to participate in the program can apply through the Incheon Startup Park website by May 22.

An official from the Incheon Free Economic Zone Authority stated, "Through this project, we will actively support local startups so that their outstanding proof-of-concept products can enter the public market and open up new sales channels. We are committed to fostering the growth of local innovative companies and revitalizing the startup ecosystem."

This content was produced with the assistance of AI translation services.