Korean companies that raise more than 50 million won (USD $44,000) via overseas crowdfunding services could receive a boost of up to 200 million won from the government.
The new initiative from the Small and Medium Business Administration (SMBA) intends to support startups which show potential growth and good marketability through successful crowdfunding campaigns.
Korean startups planning on launching a global crowdfunding campaign will need to apply to the SMBA to be eligible for the support. If selected, funding of up to 10 million won towards marketing materials prior to the campaign – such as videos and translation – will also be provided.
For campaigns which top 50 million won, a maximum of 200 million won will be provided to support research and development over one year. On top of this, for any angel investment received the government will match and double that amount up to 200 million won.
The SMBA says that it hopes to support around 20 companies through the new initiative in 2017, with plans to increase this number if it proves successful.
Applications opened at the end of January, and more information can be found online on the SMBA website.
