Gyeonggi Province Records 12-to-1 Competition Rate in Climate Tech Startup Development Project with 394 Companies

[Suwon Ilbo=Reporter Kim Gapdong] Gyeonggi Province recorded a competition rate of 12 to 1 after 394 companies applied for the "Second-Phase Climate Tech Startup Development Project," which aims to cultivate climate tech startups into global unicorn companies.

The Climate Tech Startup Development Project is a program that supports startup companies possessing climate change response technologies with an average of 40 million won in commercialization funds, and provides advanced global market entry strategies, open innovation opportunities for business expansion in the domestic market (a strategy where companies introduce specific technologies and information from external sources such as other companies or research institutions while sharing internal resources or technologies externally to create new products or services), and opportunities to connect with large and mid-sized companies and proof of concept (PoC).

The province previously recruited companies from the 5th to 25th for the second-phase climate tech startup development to select 33 companies. Last year, a total of 235 companies applied, recording a competition rate of 7 to 1.

By climate tech sector, the application status showed △60 companies in clean tech △52 companies in carbon tech △65 companies in food tech △154 companies in eco tech △63 companies in geo tech, with eco tech, which develops resource circulation and eco-friendly products, showing the highest application rate.

Interest in this project attracted companies from outside Gyeonggi Province. In particular, despite the condition that companies from outside Gyeonggi Province must relocate to Gyeonggi Province by the end of the year, 181 companies applied, demonstrating nationwide interest.

The second-phase climate tech startup development project will undergo document screening and presentation evaluation, with final selection of 33 companies scheduled for March 14.

Cha Sungsu, Director of Climate, Environment and Energy at Gyeonggi Province, said, "The high competition rate recorded by the climate tech startup development project is a result of accumulated interest in the climate tech field and efforts to respond to climate crisis," adding "We will do our best to support the passion of these climate tech startups to translate into tangible results."