The Ministry of Land, Infrastructure and Transport announced on the 19th that it will recruit participating corporations for the '1st Spatial Information Growth Leap Package' until June 13 to discover and systematically nurture promising startup companies in the spatial information sector.
The 'Spatial Information Growth Leap Package,' supported by the budget from the Ministry of Land, Infrastructure and Transport and led by the Korea Land and Geospatial Informatix Corporation (LX), was launched to establish a growth foundation for promising startup corporations and to create a sustainable innovation ecosystem in the spatial information industry.
Any startup corporation with less than 7 years of experience (or less than 10 years in the case of new industries) can participate through the Win-Winnuri Platform (https://www.winwinnuri.or.kr), and detailed information can be found in the business announcement on the K-STARTUP startup support portal (https://www.k-startup.go.kr).
The recruitment scale is a total of 10 corporations, including 5 demand-linked and 5 growth leap types, and selected corporations will be provided with up to 3 years of free residency in the startup incubation center being developed within the Pangyo Global Business Center, as well as tailored startup programs including market development, technology verification, investment attraction, and funding support.
The demand-linked type includes corporations that wish to collaborate with demand institutions, with opportunities for collaboration such as open innovation projects being provided. The growth leap type consists of corporations with innovative technological capabilities and expertise, with focused support on investment and market entry for commercialization.
This package is expected to facilitate close growth support and collaboration for startup corporations by involving large corporations and investment firms, linking support for securing demand sources and attracting investments.
Bang Hyun-ah, director of the national land information policy division at the Ministry of Land, Infrastructure and Transport, noted, 'We will discover promising startup corporations with high growth potential through this package and establish a foundation for them to leap to unicorn status in the long term,' adding, 'We will actively promote the creation of a startup ecosystem to ensure that the spatial information industry can establish itself as a key pillar of the national core industries.'
Meanwhile, the Ministry of Land, Infrastructure and Transport has supported 82 spatial information startup corporations through the 'LX Spatial Dream Center,' operated by LX since 2017, and plans to further expand startup support by transferring and refurbishing to Pangyo this year.