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Medium vacuum, start-up support...Seven Busan companies spread wings of K-Unicorn

2022-12-21 15:34
Financial News Input 202111.16 10:01 Correction 202111.16 10:01

[Financial News] The regional preliminary unicorn project, which the government is pushing to support the "K Unicorn (an unlisted early start-up company with a corporate value of more than $1 billion), is paying off.

According to the Busan Regional Headquarters (Director Wi Bong-soo) of the Small and Medium Venture Business Agency on the 16th, the Ministry of SMEs and Startups is seeking to find regional preliminary unicorns and support value-ups in connection with the "emergency K-preliminary unicorn project" of the Ministry of SMEs and Startups.

The project to foster regional K-preliminary unicorns is a customized support for policy funds, exports, manpower training, and private investment to help promising growth companies in new industries become preliminary unicorn companies.

Last year, Korea SMEs and Startups Agency selected and supported three companies, Felix Tech Co., Ltd., T-Tube Co., Ltd., and MyTech Co., Ltd., as candidates to foster K-preliminary unicorns in Busan. This year, Jungwoo E&E discovered four companies, including C-Tech Co., Ltd., COVAL Co., Ltd., and MJT Co., Ltd., and provided a total of 7.3 billion won in policy funds, export support, technical support using vouchers, and investment attraction consulting.

In representative support cases, Jungwoo E&E, located in Gangseo-gu, Busan, produced double pipes for eco-friendly LNG ship fuel transportation, supported policy funds of 700 million won for Net-zero promising companies, carbon-neutral management innovation voucher consulting and technology support, and produced promotional videos and consulting to strengthen private investment.

Thanks to this linkage support, the company has achieved an annual average annual sales growth of 77% over the past three years in recognition of its outstanding technologies such as national core technologies related to manufacturing technologies, patents related to next-generation energy, and ISO certification.

"The regional preliminary unicorn support project is showing tangible results," Wi said. "We will continue to move quickly in the field so that candidate companies can grow into representative K-preliminary unicorns by supporting non-stop running from discovery to development through the K-preliminary unicorn development project."

The Busan headquarters of the Korea SMEs and Startups Agency plans to find additional new companies next year to strengthen customized support for each stage of corporate growth, including SME innovation vouchers, policy funds, investment financing, and investment attraction support.

It also plans to promote participation in the ESG management declaration for sustainable development for seven preliminary unicorn candidate companies in Busan.

bsk730@fnnews.com Reporter Kwon Byung-suk