SEOUL, May 28 (Korea Bizwire) — The Seoul Metropolitan Government (SMG) announced on Monday that it will invest 150 billion won (US$126 million) until 2023 to support innovative businesses.
The city will kick off the project this year by investing 10 billion won to test various technologies developed by 50 companies.
Participating companies will be able to test prototypes and services at subways, bridges, hospitals, underground markets, and other facilities run by the investors for a maximum of one year.
Participating products and services should be applicable to the works of the SMG.
The project will be divided into two schemes of either receiving financial support from the city, or being offered a location to test various products and services.
Financial support will be provided to small and medium-sized companies in Seoul with products and services awaiting commercialization. Selected companies will be supported with a maximum of 500 million won from city coffers.
“Now, companies can grasp the opportunity to test their products and services by simply applying to this project at any time,” said Cho In-dong, head of economic policy department at Seoul’s city government.
Seoul city will issue ‘performance certificates’ to products with proven safety and performance, and raise the city’s budget limit to 20 million won to purchase innovative products and services.
Starting next year, the city will introduce new policies to encourage all sub-agencies and departments to purchase innovative products.
Seoul city also plans to hold a monthly startup pitch day, and a testbed exhibition in September to promote innovative products and services.
It will establish the Seoul Business Agency Testbed Consortium in July to support various testbed-related tasks.
H. M. Kang (email@example.com)