IBK Changgong Guro, a startup incubation platform run by IBK Industrial Bank of Korea, is backing startup growth through a support system that combines financial assistance with commercialization programs. It provides support tailored to each stage of corporate growth, from investment and loan to mentoring and global expansion, serving as a catalyst for the startup ecosystem.
IBK Changgong is a program that discovers and nurtures promising startup corporations by leveraging IBK Industrial Bank of Korea's small and midsize business finance capabilities and network. "Changgong" carries the meaning of a factory for startups and of startup corporations soaring into the blue sky. Selected corporations receive support for a range of programs, including establishing business strategies based on expert mentor diagnostics, marketing, opening sales channels, linking investments, IR training, overseas expansion, and providing office space.
Since opening in 2018, the Guro Center has incubated about 300 startups. As of the end of Mar., cumulative financial support totaled 727.2 billion won in investment and 211.5 billion won in loan. It also enhanced business competitiveness by running 2,829 mentoring sessions, 2,193 training sessions, 1,128 consulting sessions, and 1,070 IR sessions. To date, about 1,200 corporations have passed through the entire IBK Changgong program.
Growth stories of startup corporations are continuing. WeMeet Mobility, a Guro 4th cohort corporation, saw its corporate value grow from 2 billion won to 54.5 billion won after joining the program and attracted 20 billion won in investment. Revenue also increased from around 30 million won to 3.55 billion won, and it was selected for the 2024 Super-Gap Startup 1000+ and received a commendation from the Minister of the Ministry of Land, Infrastructure and Transport.
OurBox, a Guro 3rd cohort corporation, grew its corporate value from 4.8 billion won to 126.6 billion won, attracted 34.3 billion won in investment, and received support for a 12.84 billion won working capital loan.
IBK Changgong Guro does not stop at investment. It runs IR programs tailored to each stage of corporate growth and venture capital (VC) investment counseling sessions, and supports overseas market entry through a North America program linked to CES and a Japan accelerating program. It also offers free office space and links networking among large corporations, public institutions, and venture capital to provide opportunities for business expansion.
IBK Changgong Guro plans to upgrade its investment linkage programs to increase corporations' chances of attracting investment and strengthen customized support by growth stage, from early corporations to those in the scale-up phase. A representative said, "We will establish ourselves as a leading startup incubation platform that integrates support for startup commercialization, investment attraction, and global expansion."