Gyeonggi Province Receives 394 Applications for Climate Tech Startup Program, Recording 12-to-1 Competition Ratio

[Suwon Ilbo=Reporter Kim Gap-dong] Gyeonggi Province's second cohort of its 'Climate Tech Startup Program,' which aims to develop climate tech startups into global unicorn companies, attracted 394 companies, recording a competition ratio of 12 to 1.

The Climate Tech Startup Program provides startups with technology to address climate change an average of 40 million won in commercialization funding, along with advanced global expansion strategies, open innovation (a strategy that creates new products or services by adopting specific technologies and information from external sources such as other companies or research institutions while sharing a company's internal resources or technology externally) for business expansion in the domestic market, and opportunities to connect with large and mid-sized companies through P.o.C (Proof of Concept).

The province had earlier recruited applicant companies from the 5th to the 25th of last month to select 33 companies for the second cohort of the Climate Tech Startup Program. Last year, a total of 235 companies applied, recording a competition ratio of 7 to 1.

Looking at applications by climate tech field, there were △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 number of applications.

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

For the second cohort of the Climate Tech Startup Program, the final 33 companies are set to be selected on March 14 following a document evaluation and a presentation evaluation.

Cha Seong-su, director of the province's Climate, Environment and Energy Bureau, said, "The high competition ratio recorded for the Climate Tech Startup Program is the result of combined interest in the climate tech field and efforts to respond to the climate crisis," adding, "We will do our best to support these climate tech startups so that their passion leads to tangible results."