▲ Chungbuk Provincial Government Building Overview
Chungcheongbuk-do Province announced on the 15th that the Chungbuk Center for Creative Economy and Innovation (Chungbuk CCEI) and Alpha Brothers have been selected as the joint general partners (fund managers) for the Chungbuk Startup Nomad Innovation Fund, the first project of the province's 100-billion KRW startup fund initiative.
The selection process involved a public call for fund managers from March 1 to March 22, followed by a first-round document review and a second-round presentation review by a panel of five expert fund evaluators.
The fund will primarily focus on supporting early-stage and young entrepreneurs who face difficulties securing funding. Through seed money investments, the fund aims to serve as a foundation for their initial growth and development.
With a provincial investment of 4 billion KRW, the fund mandates that at least 60% of the investments be allocated to startups within three years of their establishment. Moreover, over 60% of the total fund must be directed toward (ultra) early-stage investments of 100 million KRW or less, and 100% of the fund will be invested in companies based in Chungcheongbuk-do.
Chungbuk CCEI plans to integrate the fund with the "Chungbuk Startup Nomad Forum," a monthly event held on the first Thursday to enhance the regional startup ecosystem. The center will also collaborate with local startup-related organizations to facilitate phased investments through programs like TIPS, Pre-Startup Packages, and Startup Leap Packages.
Alpha Brothers, as a joint general partner, will actively identify promising startups in the metropolitan area and strategically relocate them to Chungbuk, where they will focus on early-stage investments.
Park Sun-hee, head of Chungbuk Province's Economic Enterprise Division, stated, "To address the challenges faced by local startups and revitalize the Chungbuk startup ecosystem, we are launching the first project of the 100-billion KRW Chungbuk Startup Fund initiative with the Nomad Innovation Fund. Moving forward, we plan to establish additional funds related to key policy areas such as smart agriculture, cultural tourism, and secondary batteries through the Korea Growth Investment Corporation and local investors."
Source: Chungbuk Net (https://www.okcb.net/index.html)
▲ Chungbuk Provincial Government Building Overview
Chungcheongbuk-do Province announced on the 15th that the Chungbuk Center for Creative Economy and Innovation (Chungbuk CCEI) and Alpha Brothers have been selected as the joint general partners (fund managers) for the Chungbuk Startup Nomad Innovation Fund, the first project of the province's 100-billion KRW startup fund initiative.
The selection process involved a public call for fund managers from March 1 to March 22, followed by a first-round document review and a second-round presentation review by a panel of five expert fund evaluators.
The fund will primarily focus on supporting early-stage and young entrepreneurs who face difficulties securing funding. Through seed money investments, the fund aims to serve as a foundation for their initial growth and development.
With a provincial investment of 4 billion KRW, the fund mandates that at least 60% of the investments be allocated to startups within three years of their establishment. Moreover, over 60% of the total fund must be directed toward (ultra) early-stage investments of 100 million KRW or less, and 100% of the fund will be invested in companies based in Chungcheongbuk-do.
Chungbuk CCEI plans to integrate the fund with the "Chungbuk Startup Nomad Forum," a monthly event held on the first Thursday to enhance the regional startup ecosystem. The center will also collaborate with local startup-related organizations to facilitate phased investments through programs like TIPS, Pre-Startup Packages, and Startup Leap Packages.
Alpha Brothers, as a joint general partner, will actively identify promising startups in the metropolitan area and strategically relocate them to Chungbuk, where they will focus on early-stage investments.
Park Sun-hee, head of Chungbuk Province's Economic Enterprise Division, stated, "To address the challenges faced by local startups and revitalize the Chungbuk startup ecosystem, we are launching the first project of the 100-billion KRW Chungbuk Startup Fund initiative with the Nomad Innovation Fund. Moving forward, we plan to establish additional funds related to key policy areas such as smart agriculture, cultural tourism, and secondary batteries through the Korea Growth Investment Corporation and local investors."
Source: Chungbuk Net (https://www.okcb.net/index.html)