IBK Changgong is an accelerating program in which Industrial Bank of Korea selects promising Start - Up companies and supports them with investment, mentoring, and overseas expansion. Targeting innovative Start - Up corporations within seven years of founding, Industrial Bank of Korea systematically supports Start - Up growth by leveraging its accumulated know-how in small and midsize enterprise finance, consulting capabilities, and network. "Changgong (創工)" means "factory of startups." It also carries the meaning "soar into the blue sky (蒼空) through entrepreneurship."
Selected Start - Up companies review their status through a corporate diagnosis by expert mentors and prepare optimal growth strategies. Step-by-step, tailored development programs are also provided, including business strategy development, marketing and market development, linked loans and investments, and field-specific training. After investor relations (IR) training, follow-on investments are connected following the final demo day. A system has been built to support sustained growth.
IBK Changgong also provides a variety of follow-up support so that Start - Up companies can grow stably. Start - Up companies can receive professional consulting services, including prior searches for securing intellectual property (IP) and advisory on rights strategies, as well as tax and accounting, legal, and labor consulting. In addition to market development, they gain opportunities to participate in open innovation programs linked with the IBK Financial Group and large and mid-sized corporations.
In addition, practical support tailored to the growth stage of Start - Up companies continues. It offers opportunities to participate in overseas accelerating programs to help them enter overseas markets and supports them in meeting investors and partner companies through participation in domestic and overseas fairs and conferences. It also conducts consulting for product and service promotion and design improvements to strengthen brand competitiveness. It provides move-in space within Changgong free of charge and operates joint projects linked with large corporations and government agencies.
Centers are operated in Seoul's Mapo and Guro, as well as in Daejeon, Busan, Gwangju, and Daegu. Among them, IBK Changgong Guro has nurtured about 280 corporations since Jul. 2018. As of the end of Aug., financial support alone totals 612.3 billion won. It has conducted a total of 1,970 training sessions and provided 2,634 mentoring sessions. In addition to financial support, it is helping to create tangible outcomes by planning customized services tailored to the growth stages of Start - Up companies, including business strategy development, market development, and overseas expansion.
IBK Changgong positions itself as a bridgehead for entry into North America. To that end, in Korea it provides a preparation guidebook for the Consumer Electronics Show (CES), the world's largest exhibition for home appliances and IT products held every January in Las Vegas, and trains participants on procedures such as legal and visa matters before local programs, IP, distribution, and placement. It then supports local entry by arranging in-depth one-on-one meetings with local venture capital (VC) firms.
On Oct. 16, IBK Changgong Guro also held a "demo day," an event where Start - Up companies present their business models, technologies, and achievements to investors and corporate officials. An IBK Changgong Guro official said, "IBK Changgong continues to provide customized support tailored to each corporation's growth stage and goals," adding, "It will be an opportunity for corporations to grow and leap into broader markets."