Seoul Development Agency and the city of Seoul have jointly kicked off the “2017 Product Commercialization Development Project” in order to help small and medium-sized businesses succeed in R&D and product commercialization. The initiative aims to expand existing support for early-stage startups in Korea. It plans to lower application requirements for joining the program and provide guidance for product-market fit validation to lower failure rate of product commercialization. Additionally, the project has a pool of capital for its batch of startups to use as their R&D fund as well as professional mentoring.
According to a survey of the status of the Seoul R&D Support Project in 2016, the shift in market demand for enhanced technology and the lack of commercialization strategy were mentioned as the two primary growth inhibitors. To overcome these challenges, this project will increase the commercialization success rate by carrying out thorough market validation before R&D investment.
Seoul Development Agency will give out R&D fund up to 30 million won to companies that previously succeeded in raising crowdfunds. Through 1:1 mentoring and in-depth advisory services through technical review, the agency will help companies understand and better serve their market. In addition, the Seoul Development Agency and the city of Seoul will hold a seminar for 2017 in the foreseeable future. In the briefing session, they will discuss their plans for their continuous R&D support for Korea’s startup ecosystem.
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