'Nurturing Future Unicorns'... Incheon City Selects 7 Companies to Launch Full-Scale Support

"I-Startup Unicorn Dream" Project Launched

Goal to Foster at Least Two Unicorns Within Four Years

Growth Package Includes Business Development Funding and Overseas Marketing Support

Incheon City has officially launched comprehensive support to nurture startups into unicorn companies.

On June 5, the city announced that it has selected seven companies to participate in the "I-Startup Unicorn Dream Project," which is a core implementation initiative under the "Global Startup City Vision" declared last year.

The city will provide a total of 400 million won in business development funding, distributed differentially to each company based on their performance evaluation. In addition, Incheon will offer growth support packages to help companies enter global markets, including specialized programs, technology validation, investment attraction, overseas expansion consulting, and joint marketing, in collaboration with global information technology companies such as Microsoft, AWS, IBM, Siemens, and Ansys.

This project aims to support promising startups in scaling up and entering overseas markets, based on partnerships with global conglomerates. The city is building a startup ecosystem where investment, validation, and global expansion are organically connected, with the goal of fostering at least two unicorn companies by 2029. This project serves as the growth support platform marking the starting point of that ecosystem.

Currently, there are no unicorn companies in Incheon with a corporate value of 1 trillion won or more. Through this project, the city plans to intensively nurture startups with global competitiveness and lay the foundation for the emergence of future unicorn companies.

Overview of Incheon Startup Park. Provided by Incheon Free Economic Zone Authority.

Previously, in September last year, the city held a declaration ceremony for the "Global Startup City Vision" and presented three key strategies for startup development.

First, to create a large-scale investment ecosystem, Incheon plans to establish a fund totaling 2.7 trillion won by 2029 and set up the Incheon Venture Investment Company to invest in early-stage and strategic industry companies. The city will also build a ladder for youth startups to grow into unicorn companies through the "Youth Unicorn Connection Fund" in cooperation with 13 universities and will promote open innovation through corporate venture capital (CVC) funding led by companies.

The platform for startups to enter the global market will also be strengthened. Incheon aims to establish a fast-track pathway for startups to grow into unicorn companies in a short period through partnerships with global conglomerates. The city will expand open innovation with major corporations such as Hyundai Engineering & Construction, Hanjin, and Korean Air, as well as anchor companies in specialized industries like Celltrion and Samsung Biologics. The plan also includes supporting overseas expansion for startups through cooperation with foreign companies such as Evonik (Germany) and Sunway (Malaysia).

Additionally, Incheon will collaborate with K-Bio Lab Hub (scheduled for completion in 2027), the Samsung Biologics Industrial Development Center, the Lotte Biologics Bio Venture Initiative, and AI/IT graduate schools at various universities to support startups' research, validation, and commercialization efforts.

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