Poster for Incheon City’s BiiG WAVE Investment Attraction Information Session (IR). Image provided by Incheon City
Incheon City wdaall be recruiting startups to participate in the ‘BiiG WAsVE Investment Attraction Information Session (IR)’ from April 8 to May 3.
BiiG WAVE is an investment attraction platform co-operated by the city and the Incheon Creative Economy Innovation Center with the aim to foster local venture startups and activate the investment ecosystem. Established in 2021, it has achieved a total investment of 1.291 trillion won ($1.1 billion) over three years, nurturing 59 promising startups nationwide.
This year, BiiG WAVE will expand its scale-up program, which leads to investor discovery, investment capability enhancement, and global investment attraction.
The recruitment targets are startups nationwide that have high growth potential, regardless of their field, such as smart city, bio, healthcare, big data, artificial intelligence (AI), semiconductors, and materials, parts, and equipment (SMEs), and have been established within the past seven years. Applications will be accepted until 4 p.m. on May 3, and after evaluation, about 15 companies will be selected.
The final selected companies will be provided with linked support, including company diagnosis, capability enhancement, investment attraction IR, domestic and foreign partner discovery, foreign investment attraction, and core business of the center.
This year, unlike previous years, one selection will be made in the first half of the year for focused support throughout the year. The center’s created fund (32 funds, about 800 billion won or $680 million) and the TIPS operator’s investment review are also planneㅁㄴㅇㄴㅇd.
In addition, the BiiG WAVE Investment Attraction IR, which is scheduled to be held in the second half of the year, is expected to expand its scope as a venue for investment attraction discovery, with participation not only from major domestic investors but also from Corporate Venture Capital (CVC) created by large and small- and medium-sized enterprises, small and medium-sized enterprises hoping to discover new businesses, and foreign partners. CVC refers to a professional investment institution that a company has invested in with financial benefits and strategic purposes in independent venture companies.
More information can be found on the BiiG WAVE website or the center’s website.
Park Kyung-soo, Head of the Startup Venture Division, said, “BiiG WAVE has become a stepping stone for excellent startups to grow based in Incheon, achieving an average competition rate of 20:1 and an investment attraction performance of 48.1 billion won ($40.8 million) in 2023,” and added, “We will actively support the activation of Incheon’s startup investment ecosystem, such as expanding fund creation, not only for BiiG WAVE.”
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