The Gyeonggi Province Economic Science Promotion Agency (GEPA) said Tuesday it is launching the "G-Bio Growth Lab" program in earnest to support the technological advancement and commercialization of bio startups in the province. Going beyond simple financial support, the program centers on providing full-cycle assistance from technology validation to investment attraction based on collaboration with large and mid-sized companies.
The program targets bio startups located in Gyeonggi Province. GEPA will select a total of 15 companies through a comprehensive evaluation of technology readiness level (TRL), technical capability, marketability, and business competence.
Selected companies will be provided with full-cycle programs, including customized diagnosis and mentoring by growth stage, proof of concept (PoC), and investment attraction support. Key support areas include corporate diagnosis and growth strategy development, open innovation demand discovery and matching, PoC design and execution, investment relations (IR) and venture capital (VC) network connections, and performance creation and follow-up support.
In particular, PoC is the process of validating startup technology in an actual business environment. Participating companies can verify the effectiveness of their technology and its commercialization potential through collaboration with large and mid-sized companies. GEPA is pursuing the program with the goal of connecting at least four PoC cases.
To facilitate smooth collaboration and technology protection, the agency will also support the signing of non-disclosure agreements (NDAs) using experts. GEPA also plans to expand follow-on investment opportunities by hosting special lectures with invited global investors and meetup days for domestic and international bio investors.
Through this program, Gyeonggi Province and GEPA plan to broaden the cooperation network among bio companies, large and mid-sized companies, and global investors, and create success stories in technology commercialization. The agency will build a growth ladder by connecting high-performing companies with follow-up support programs.
"The bio industry is a field where technological innovation and private-sector collaboration are more important than anything else," said Choi Hae-jong, head of the bio industry division at GEPA. "We will create an environment where promising startups can gain growth opportunities based on their technological capabilities alone."
Applications can be submitted through the Gyeonggi Business Secretary website until the 22nd. Finally selected companies will participate in the program through October.
