The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced that it signed a “Mutual Cooperation Agreement for Joint Discovery of Innovative Startups” with the Korea Research and Development Special Zone Promotion Foundation (Chairman Jeong Hee-kwon, hereinafter referred to as “Special Zone Foundation”) at the Daejeon Special Zone Foundation headquarters on Tuesday the 30th.
This agreement was established to discover promising technology startups within the special zone system, which consists of five metropolitan special zones and 14 small and medium-sized special zones across the country, through cooperation between the two organizations, and to promote the revitalization of the startup ecosystem by linking Kibo's policy financing with the technology commercialization capabilities of the special zone foundation.
Under the agreement, the two organizations will jointly operate a competitive program to identify special zone institutional companies with superior technology and growth potential. Eligible companies are SMEs within the special zone institutional framework and have been established for less than seven years. These include research institutes, advanced technology companies, and special zone fund investment companies.
The Special Zone Foundation recommends promising startups to Kibo through program operation and promotion, and Kibo provides tailored comprehensive support to the recommended companies, including ▲special guarantees for innovative startups ▲investment linkages ▲technology and management consulting ▲publicity support.
Jeong Gyu-yeol, head of the Seoul Western Regional Headquarters of Kibo, said, “Through this agreement, we have strengthened customized financial support for innovative startups within the special zone and laid the foundation for the step-by-step growth of local startups.” He added, “Kibo will continue to support the growth of startups with innovative technologies and ideas through cooperation with relevant organizations and do its best to revitalize technology startups.”
Meanwhile, KIBO established an innovative startup team in July and launched the "Innovative Startup Special Guarantee" this month to strengthen full-cycle support for technology startups. Through this special guarantee, KIBO will offer preferential benefits, including an increased guarantee ratio (from 85% to 100%) and a high guarantee fee (0.7% for seven years after launch). The company will actively support promising startups in addressing their initial funding challenges.
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