Cheng Sheng and the incubator Yu Gong have formed a Startup Support Group to help startups develop rapidly. They held an initiation ceremony on the 29th of last month.
A support team composed of 23 experts participated in the founding ceremony for the startups and will support creativity (bidding, counselling, guidance), the main activities of the enterprises (product, R&D, marketing, logistics, etc.) management support (accounting, legal, tax, patents), financing (angel investment, crowd funding, venture capital), and other aspects.
This support group intends to find excellent enterprises and help them to get series B investment through special training from Cheng Sheng and Yu Gong.
Yu Gong Representative Kim Dongsu Introducing the Support Group
Neo Spring, Altoran Ventures Korea, SJ Venture Partners, and Capital Supply Chain form the support group of Yu Gong’s special training project. Investment support will be provided in the form of selecting potential companies first, and then starting from angel investment, gradually expanding to crowdfunding and series A and series B investment.
The special training project will analyze and review the entrepreneur’s business model first. In the first phase, the training project will be divided into two channels in parallel: A and B. Entrepreneurs considered to have potential for government support will receive training about drafting business plans through the A channel. Entrepreneurs considered suitable for angel investment will participate in the roadshow and receive professional investment support through B channel.
Entrepreneurs chosen to participate in the B channel training in the first phase can participate in the second round training projects and receive angel investment from support groups responsible for investment, and will negotiate KPI (key performance indicators) in every development stage with the support group. If the startups reach the target KPI, the support group will consider future investment.
List of Cheng Sheng Yu Gong Support Groups
Cheng Sheng Yu Gong plans to let startups focus more on business and related work in the future through their Support Group, giving special training to participants. Representative Kim Dongsu said during the welcome speech, “Startups lack funds and human resources. Cheng Sheng Yu Gong will help startups with funding through a Capital Supply Chain.”
Operator of Cheng Sheng Coffee, Xuan Xionggui, said confidently at the end of the activity, “There is no sounder cooperation system for us, whether in public or private channels, but we know that there are still many problems, and we will make it perfect in the future to provide real help to startups.”