The Gyeonggi Center for Creative Economy and Innovation (CEO Won-kyung Kim, hereinafter referred to as the Gyeonggi Innovation Center), along with the Gyeongbuk Center for Creative Economy and Innovation, the Jeonnam Center for Creative Economy and Innovation, and Honest Ventures, signed a four-party Memorandum of Understanding (MOU) at the Pangyo Startup Zone on the 28th to support startup discovery, investment, and incubation. This agreement aims to consolidate the investment capabilities of the local startup ecosystem and establish a foundation for integrated support across the entire growth process for early-stage companies.
Under the agreement, the four organizations will pursue multifaceted collaboration to strengthen the startup and venture ecosystem. This includes discovering and attracting joint investment from promising startups, establishing and operating a joint fund for promising startups, and co-hosting investment-linked seminars and events. Next year, they plan to establish a new joint fund to promote investment in local startups, expanding the startup investment base.
By combining each center's incubation network with Ernest Ventures' investment capabilities, the support system is expected to strengthen, encompassing startups' technology validation (PoC), commercialization, and follow-up investment. The establishment of a joint response system between organizations is also expected to accelerate the scale-up of regionally based innovative companies.
An official from the Gyeonggi Innovation Center said, “The four organizations have established a cooperative system that encompasses the entire process from startup discovery to investment and growth support,” adding, “In particular, the joint fund creation next year will serve as an opportunity to increase investment accessibility for local startups.”
With this agreement, the four organizations plan to strengthen their strategic partnership to revitalize the nationwide startup ecosystem and expand investment cooperation models that leverage regional and industry-specific strengths. They also plan to continue to explore and expand joint programs and related support to accelerate the growth of early-stage startups.
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