Startups with strong technology but limited sales channels will gain expanded opportunities to enter the public procurement market.
The Incheon Free Economic Zone Authority (IFEZ) said Wednesday it is recruiting 15 companies to participate in its "Proven Product Sales Channel Support Program."
The program is designed to provide close support for startups throughout the entire process of entering the public market. Selected companies will have their market competitiveness reviewed through expert consulting and prepare applications for innovative product designation by the Public Procurement Service after undergoing mock evaluations.
Participants will also have opportunities to meet directly with public institutions through public procurement consultation sessions. The sessions are designed to connect companies and public institutions on a one-on-one basis, allowing discussions to progress to specific supply negotiations. In addition, the program will cover costs necessary for commercialization, including patent application fees and promotional material production expenses.
The program is open to companies based in Incheon that were founded within the past seven years. Companies in emerging industries such as artificial intelligence (AI), biotech and robotics may apply if founded within the past 10 years. Companies located outside Incheon are also eligible if they relocate their headquarters or branch office to Incheon within three months of selection.
Applications close at 5 p.m. on the 22nd. Submissions can be made online through the Incheon Startup Park website, and final selections will be announced in June after document screening and presentation evaluations.
The public procurement market has drawn attention as a stable early revenue source for startups. According to the Public Procurement Service, public purchases of innovative products reached 1.1 trillion won ($800 million) last year, up 10% from the previous year. The government plans to expand the purchase scale to 1.25 trillion won this year, 2 trillion won by 2028 and 3 trillion won by 2030.
"We will actively support local startups so that their proven products can successfully establish themselves in the public market," said Son Hye-young, head of the Innovation Growth City Division at the Incheon Economic Zone Authority. "By spreading success stories, we will also contribute to revitalizing the startup ecosystem."
