Gangwon Province is accepting additional applications for its Startup Activation Support Project through June 26 to identify and nurture new businesses in coal industry transition zones — areas formerly known as abandoned mining regions.
The project runs across three tracks: resident startups, community regeneration startups, and "Matkaeda" consulting. Matkaeda is a corporate social responsibility initiative run by Kangwon Land in partnership with Gangwon Province that discovers hidden local restaurants, funds their renovation, and shares recipes and content.
Gangwon Province held an open recruitment drive from Jan. 26 to Feb. 25, selecting 18 companies through a screening process — seven in the resident startup category and 11 in community regeneration startups — all of which are currently receiving support.
This additional recruitment round targets the resident startup category, with plans to select and support roughly 18 more companies.
To qualify for resident startup support, applicants must be an incorporated entity with at least five investors, more than half of whom must be registered residents of a coal industry transition zone as of the announcement date.
The company's registered place of business or factory must also be located within a coal industry transition zone promotion district or an agricultural-industrial complex designated for support under the coal transition program.
Selected companies can receive up to 150 million won ($97,200) in commercialization funding, subject to annual performance reviews, along with expert consulting, education programs and other forms of support.
Full details are available through official notices posted on the websites of Gangwon Province, the four cities and counties in the coal industry transition zones — Taebaek, Samcheok, Yeongwol and Jeongseon — and the Gangwon Province Economic Promotion Agency. Applications can be submitted by mail or in person to the relevant city or county office during the application period.
Park Yu-sik, director of Gangwon Province's Future Industries Bureau, said the project had already helped uncover a range of startups that reflect the distinct character of their local communities. "Through this additional recruitment, we will actively support more companies in putting down roots and growing in the region, creating new engines of growth for the coal industry transition zones," he said.
The Startup Activation Support Project for coal industry transition zones aims to help local residents build economic self-sufficiency, foster startups that draw on regional strengths, and ultimately create jobs and revitalize local economies.
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