The Seoul Metropolitan Government (SMG) will be promoting promising start-ups, SMEs and venture companies based in Seoul to global investors via the “untact” method (without face-to-face contact). This is to relieve the burden of South Korean companies struck by COVID-19 and preemptively respond to the demand of the global market after the COVID-19 crisis.
The SMG will be extensively advertising 300 promising companies for investment on the Invest Seoul website starting in October by disclosing data from basic information of each company to in-depth information that foreign investors should refer to, such as the desired amount of investment and desired type of investors. Video conferences will be supported to turn such data into catalyst for actual investment attraction.
The SMG will openly be recruiting 300 of its “promising companies” from Wed, May 27 to Fri, Jun. 12.
The selected companies will be introduced on Invest Seoul as promising companies recommended by the SMG that are worth investing in for their innovative technologies and services.
The applicant eligibility criteria is limited to Seoul-based start-ups, SMEs and venture companies that possess innovative ideas and products. To apply, applicants must submit an application form and business plan via the Invest Seoul website . The selection will be conducted through comprehensive screening by experts assessing the companies’ experience in investment attraction and their potential.
The SMG will investigate information details, such as the desired amount of investment and type of investor, of the selected companies by the end of September and post the data of those companies in the form of processed, visualized information as “Seoul’s Deal” on the Invest Seoul website starting in October.
Additionally, the SMG will be cooperating with 36 of KOTRA’s Korea Business Centers to discover potential foreign investors and search for opportunities to initiate one-to-one matches by providing data on 300 promising companies to investors. The companies that participate in Invest Korea Market Place (IKMP), a project to support the connection between companies and investors, will receive additional points (5%).
In order to make the visit of foreign investors to the Invest Seoul website lead to actual investment, the SMG’s foreign investment promotion institution Invest Seoul Center will support video conferences between foreign investors and participating companies to negotiate investment deals.