FUNDING SUPPORT

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For our local news, we take you to Incheon where startup firms are entering the US market with the help of specialized startup-fostering enterprises. These companies are gaining positive response by helping startups, transform creative ideas into prototype products or through funding support.

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This is a transparent display panel developed by a startup firm based in Incheon. All three sides of the panel are transparent with increased brightness and clarity. It has obtained two patents.

[Soundbite] KIM BYEONG-GI(STARTUP FIRM) : "We are developing technology to equip windows also with display panels."

The company is about to enter the US market. They owe their success to localization strategies drafted by a Silicon Valley startup-fostering enterprise. Through this aid-providing enterprise, some 40 Korean startups in the Incheon area are preparing to enter global markets. Six of them have already established subsidiaries in America. This company which launched a few months ago is developing an insect-proof net employing Internet of Things technology. An automatic sensing device turns on LED indoor lightings.

[Soundbite] JEON JIN-OH(CEO, STARTUP FIRM) : "This is a product using IoT technology. If you try to force it open, the alarm goes off."

The firm needs to present various prototypes. To do that, it's receiving help in 3D printing from the Global Startup Campus. Meanwhile the so-called Incheon Growth Fund worth 117 billion won has been created to support startup funding. Incheon City plans to cultivate 200 startup companies by 2021 so they can branch out to global markets.